Maruti Suzuki Surges as UP Waives Hybrid Car Taxes

Auto stocks rose significantly on Tuesday following the Uttar Pradesh government's waiver of registration taxes on hybrid cars. Maruti Suzuki saw a surge of nearly 7 percent, making it the biggest gainer on the Sensex and Nifty indices. Other auto stocks also experienced notable gains.

Auto stocks witnessed substantial demand on Tuesday, led by Maruti Suzuki India's near 7 percent surge. This spike followed the Uttar Pradesh government's announcement of waiving registration taxes on hybrid vehicles, promoting environmentally-friendly cars within the state.

Maruti Suzuki's shares jumped 6.60 percent, closing at Rs 12,820.20 on the BSE, and during the day, they climbed to Rs 12,955. Similarly, on the NSE, shares increased by 6.51 percent to Rs 12,807.

Other auto stocks also saw gains, notably Mahindra & Mahindra up 2.51 percent, Hero MotoCorp by 1.53 percent, TVS Motor Company by 1.36 percent, Tata Motors by 1.24 percent, and Bajaj Auto by 0.18 percent on the BSE. Consequently, the BSE auto index rose by 2.17 percent, closing at 58,706.42.

Overall, the 30-share BSE benchmark climbed by 391.26 points or 0.49 percent to a new closing peak of 80,351.64, while the NSE Nifty gained 112.65 points or 0.46 percent to reach 24,433.20—its record closing high.

(With inputs from agencies.)