Maruti, Hyundai, Mahindra shares zoom up to 9%

Shares of Maruti Suzuki India Ltd, Hyundai Motor India and Mahindra & Mahindra witnessed a sharp uptick after the automakers reported January sales numbers amid announcements of tax relief for the middle class in Finance Minister Nirmala Sitharaman’s Budget speech.

The stock of Maruti Suzuki India Ltd, the country’s largest carmaker, rose as much as 7% in intraday trade to hit a high of 13,150 on the National Stock Exchange (NSE), taking the automaker’s market cap over ₹4.05 lakh crore.

In January 2025, Maruti Suzuki sold a total of 212,251 units, which is its highest-ever monthly sales volume. Total sales in the month include the highest-ever monthly domestic sales of 177,688 units, sales to other OEM (original equipment manufacturer) of 7,463 units and exports of 27,100 units.

Shares of Hyundai Motor India, the second-largest carmaker, jumped 9% to hit a high of ₹1,829 on the BSE, taking the company’s m-cap to ₹1.42 lakh crore. Hyundai Motor India recorded total monthly sales of 65,603 units in January 2025, comprising domestic sales of 54,003 units and export sales of 11,600 units.

Mahindra & Mahindra shares rose 3.6% in intraday trade to ₹3,099.50 on the BSE, taking the company’s market cap to over ₹3.81 lakh crore. In the passenger car segment, Mahindra sold 50,659 vehicles in the domestic market, a growth of 18% and, overall, 52,306 vehicles, including exports. The domestic sales for commercial vehicles stood at 23,917.

Tata Motors, which gets two-thirds of its revenues from luxury carmaker Jaguar Land Rover, was the only outlier, seeing a 2% decline in its stock price on Saturday. The automaker reported a 10% decline in domestic passenger vehicle wholesales in January while its commercial vehicle sales remained flat. Tata Motors’ domestic EV sales contracted by 25%.

Commenting on the Union Budget, Girish Wagh, executive director, Tata Motors, says, “The continued allocation of over ₹11 lakh crore in capital expenditure, alongside targeted initiatives to boost consumption, support ‘Make in India’, and promote agricultural growth, is set to create a more dynamic economic environment. The removal of basic customs duties on key materials for battery manufacturing is a strategic move to boost domestic EV production, foster a sustainable ecosystem, and drive India's transition to a greener economy.”

Anish Shah, Group CEO and MD, Mahindra Group, commended the 2025 Union Budget for its continued support of robust consumption growth through changes in the tax structure, effectively placing more disposable income in the hands of the Indian consumer. "This will encourage private sector capex to move in a positive direction," Shah said.