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Maruti Suzuki shares gained over 6% on Tuesday, July 9, on the news that the Uttar Pradesh government had announced a registration fee waiver for hybrid cars.
According to reports, the government of Uttar Pradesh is offering a 100% waiver on registration fees for strong hybrid electric vehicles and plug-in hybrid electric vehicles.
This is a positive development for the largest automaker, which offers models like Grand Vitara and Invicto in the hybrid car segment.
Several other automakers like Honda and Toyota may also gain from the UP government’s announcement on hybrid cars.
Maruti Suzuki India share opened higher at ₹12,325 apiece on the NSE and rallied as much as 6.29% to hit an intraday high of ₹12,780 apiece.
However, the auto stock pared early gains to trade 5.91% higher at ₹12,734 apiece on the NSE around 11:32 am.
Maruti Suzuki shares have surged over 24% so far this year, outperforming a 12% rise in the benchmark Nifty 50 index.
The Uttar Pradesh government’s decision is likely to encourage the adoption of environmentally friendly electric and hybrid vehicles. This could help carmakers increase their sales in the segment.
Maruti Suzuki Grand Vitara and Invicto, Toyota Hyrder, and Innova Hycross are some of the strong hybrid vehicles offered in the segment. The registration fee waiver in UP for hybrid vehicles may help automakers see higher sales in the segment.
As per media reports, car buyers in Uttar Pradesh could save up to ₹3 lakh on the Maruti Suzuki Invicto and over ₹2 lakh on the Maruti Suzuki Grand Vitara.
India's largest carmaker registered a marginal drop in its total sales of vehicles, including both light commercial and passenger vehicles, at 1,33,095 units in June 2024 compared to 1,37,133 units in the year-ago period.
In the passenger cars segment the company also reported a drop in sales in June 2024 at 1,30,930 units compared to 1,33,798 units in the corresponding month a year ago.