- By Aditya Pratap Singh
- Tue, 09 Jul 2024 12:03 PM (IST)
- Source:JND
Maruti Suzuki Share Price: Shares of Maruti Suzuki India Limited surged over 5% in trade hours today and it was the top gainer in the Nifty 50 in early trade. At around 11 am, the share has jumped by 5.71% to Rs 12,710. As per media reports, this rally in Maruti's shares was followed by the Uttar Pradesh government's decision to waive the registration fee on hybrid cars. The Yogi Adityanath government in UP is providing a 100% discount on registration fees for strong hybrids and plug-in hybrid electric vehicles. Companies like Maruti, Honda, and Toyota, which make hybrid cars are likely to get benefit from the decision.
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Maruti's hybrid cars Vitara and Invicto
Under the hybrid car category, Maruti Suzuki offers models like Grand Vitara and Invicto. This discount is an effort to promote hybrid car sales and increase the market for luxury hybrids.
Uttar Pradesh is a major passenger vehicle market
Uttar Pradesh is a major market for passenger vehicles. According to reports, passenger vehicle sales in Uttar Pradesh for the first half of the calendar year 2024 grew 13.5% to 2.36 lakh units compared to last year. Maruti expects a quarter of its total sales from hybrid vehicles soon.
Out of 45 analysts covering Maruti Suzuki, 30 have maintained a "Buy" rating. Of these, 11 have recommended "Hold", while four have recommended, "Sell". Maruti shares have given a return of about 24 percent so far this year. At the same time, it has jumped more than 30 percent in the last year.
