Maruti Suzuki shares jumped 6% to a high of ₹12,736 on the BSE, making it the top Nifty gainer on Tuesday, following the Uttar Pradesh (UP) state government’s decision to waive registration fees.
Earlier in the day, Maruti Suzuki India, the largest automaker in India, saw its shares increase by 5% to ₹12,654. This boost came after UP announced a waiver of registration fees on hybrid vehicles.
The waiver is expected to lower the on-road prices of strong hybrid cars by up to ₹4 lakh in Uttar Pradesh, as part of a push to promote green technology. The state government has announced a 100% registration fee waiver on strong hybrid electric vehicles (HEVs) and plug-in hybrid electric vehicles (PHEVs).
Maruti Suzuki Shares Rise After Uttar Pradesh Registration Fee Waiver
This move offers potential savings of up to ₹3.5 lakh for customers and benefits companies like Maruti Suzuki, Toyota, and Honda Cars.
HEVs and PHEVs use an internal combustion engine along with an electric motor, but PHEVs have a larger battery that needs external charging
Among listed companies, Maruti Suzuki is a leading player in the Indian hybrid market. The waiver is expected to have a significant impact, particularly for Maruti Suzuki’s hybrid models.
Maruti Suzuki offers HEV technology in the Grand Vitara SUV and Invicto MPV. Toyota provides similar technology in the Urban Cruiser Hyryder SUV and the Innova Hycross MPV. Honda uses HEV technology in the City e-sedan.
In addition to electric vehicles, Indian car manufacturers are adopting various carbon reduction technologies, such as hybrids, CNG, and biofuels (ethanol, bio-gas), to support decarbonization efforts and enhance India’s energy security.
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Maruti introduced one of the world’s best strong hybrid-electric technologies with the Grand Vitara in FY23. It strengthened its product lineup, especially in the SUV segment, with the launch of the Grand Vitara and Brezza.