Maruti Suzuki Logs Best Session In Two Years After UP Waives Registration Fee On Hybrid Cars
The automaker's strong hybrid cars include Grand Vitara and the Invicto.
Maruti Suzuki India Ltd. logged its best session in 29 months to end at a record high close in three weeks on Tuesday, after the Uttar Pradesh government announced a complete waiver of the registration fee on strong hybrid cars and plug-in hybrid cars.
In a circular dated July 5, the state government has decided to give a 100% waiver on the registration fee of strong hybrid cars and plug-in hybrid cars with immediate effect, according to two persons with knowledge of the matter who spoke on the condition of anonymity.
Uttar Pradesh levies an 8% road tax on four-wheelers that cost less than Rs 10 lakh and 10% on those priced at Rs 10 lakh and higher. Maruti Suzuki customers in the state could save at least Rs 1.5 lakh from this move, people in the know told NDTV Profit. The automaker's strong hybrid cars include the Grand Vitara and the Invicto.
The stock contributed 23.4 points to the 112.65-point jump in the Nifty 50, to be the top contributor to the gains in the benchmark in Tuesday's session.
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It closed 6.69% higher at Rs 12,827.70 apiece. The share price has risen 24% on a year-to-date basis and 24.69% in the last 12 months.
Thirty out of the 45 analysts tracking the company have a 'buy' rating on the stock, 11 recommend 'hold and four suggest 'sell,' according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 8.1%.
