Maruti Suzuki Surges as UP Exempts Hybrid Cars from Registration Charges

9 Jul 2024 , 04:15 PM

Maruti Suzuki India Ltd’s shares saw the highest gains on both Sensex and Nifty on Tuesday following the Uttar Pradesh government’s decision to exempt strong hybrid electric cars (HEVs) and plug-in hybrid electric vehicles (PHEVs) from registration charges, providing nearly a 10% cost reduction.

This exemption is expected to stimulate sales of Maruti Suzuki’s Grand Vitara SUV and Invicto MPV, both equipped with strong hybrid technology.

At the time of writing on July 9, 2024 at 4:12 pm, Maruti Suzuki India Ltd’s shares closed at Rs 12807 which is a 6.52% gain than the previous close. The stock has gained a total of 31% in the last one year, and 24% since the beginning of the year.

Previously, the Uttar Pradesh government imposed an 8% road tax on vehicles priced below ₹10 lakh ex-showroom and a 10% road tax on vehicles priced above ₹10 lakh ex-showroom.