Can you please try this one...
SELECT CONVERT(VARCHAR(10), VRS_UTCTIME, 121) AS [Date],
MIN(LEFT(CONVERT(VARCHAR(8),VRS_UTCTIME, 108),5)) AS [start_time],
MAX(LEFT(CONVERT(VARCHAR(8),VRS_UTCTIME, 108),5)) AS [stop_time],
MAX(VRS_SPEED) AS [max_speed]
FROM STS_VEHICLE_RUNNING_STATUS
WHERE VRS_DEVICEID = 'ST0001' AND VRS_UTCTIME BETWEEN '2012-07-02' AND '2012-11-09'
GROUP BY CONVERT(VARCHAR(10), VRS_UTCTIME, 121)