Maruti logs best day in 2 years; zooms nearly 7 per cent; here’s what is driving gains
As the UP government is looking to promote the use of eco-friendly means of commutation, it has waived the registration fee on hybrid vehicles, boosting the stock of Maruti Suzuki.
)
Shares of the country’s leading automaker Maruti Suzuki (MSIL) zoomed over 6 per cent to log its best intraday gains in nearly two years. Last on June 23, 2022, the stock recorded gains to the tune of 6.91 per cent.
After clocking day’s high price of Rs 12846.95, shares of the auto major at the last count traded with gains of over 6.6 per cent or Rs 796 at Rs 12,822 per share.
Today’s spurt in the stock price of MSIL is backed by heavy volumes in the counter after the UP government took measures to promote the use of environment friendly vehicles in the state and
Announces the waiver of registration fee on hybrid cars. The new rule has come into effect from July 5.
With the new ruling in place, Zee Business research estimates customers of Maruti, Honda and Toyota to save up to Rs 3.5 lakh.
The state of UP is among the largest markets in terms of retail sales of passenger vehicles (PVs). PV retail sales in the state increased by 13.5 per cent to 2.36 lakh units in H124
According to UP dealers, demand for hybrid vehicles of Maruti Suzuki will increase.
Last year, Maruti Suzuki sold 1,000 units of Grand Vitara and Invicto.
Maruti Suzuki Car Price (Ex- Showroom) Saving Expected
Grand Vitara 18.4 Lakh 2 Lakh
Invicto 25.2 Lakh 3 Lakh
Maruti Suzuki stock in the last one-year has zoomed 30.4 per cent, while Nifty Auto during the same time has gained nearly 67 per cent.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Updated: Tue, Jul 09, 2024
03:07 PM IST
03:07 PM IST
ZeeBiz WebDesk
RELATED NEWS
Jefferies suggests 'buy' on M&M, 'hold' on Maruti Suzuki; demand tailwinds seen favourable for tractor entity
D-Street Newsmakers: Maruti Suzuki, Canara Bank and SBI Card among 6 stocks that hogged limelight today
Maruti Suzuki Q4 results: Net profit falls 17.4%; stock slumps over 6%
Maruti Suzuki shares gain up to 4%; here's why 
Maruti Suzuki hits new all-time high; Citi sees over 13% potential upside after Q1 earnings