Maruti Suzuki Stock Gains Over 5% Today

New Delhi:

Shares of Maruti Suzuki India Limited have risen more than 5% today, making it the top gainer on the Nifty 50.

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By around 11 am, the stock had increased by 5.71% to Rs 12,710.

According to CNBC TV18, Maruti’s stock surged after the Uttar Pradesh government waived the registration fee on hybrid cars.

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The UP government, led by Yogi Adityanath, is offering a 100% discount on registration fees for strong hybrid electric vehicles and plug-in hybrid electric vehicles.

This news positively impacts companies like Maruti, Honda, and Toyota, which manufacture hybrid cars.

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Maruti Suzuki Vitara and Invicto Hybrid Cars

Maruti Suzuki offers models like the Grand Vitara and Invicto under its hybrid car category.

The registration fee discount is aimed at boosting hybrid car sales and expanding the market for luxury hybrids.

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UP: A Major Market for Passenger Vehicles

Uttar Pradesh is a significant market for passenger vehicles.

Reports indicate that passenger vehicle sales in Uttar Pradesh for the first half of 2024 grew by 13.5%, reaching 2.36 lakh units compared to last year.

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Maruti expects that a quarter of its total sales will come from hybrid vehicles in the near future.

Maruti Suzuki: Buy, Sell, or Hold?

Out of 45 analysts covering Maruti Suzuki, 30 have maintained a “Buy” rating.

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Eleven analysts recommend “Hold,” and four suggest “Sell.” Maruti’s shares have returned about 24% so far this year and have increased by more than 30% over the past year.

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