Tata Motors on March 21 announced that it will be increasing the prices of commercial vehicles by up to 5 percent from April 1, 2023.
"The decision to increase prices is a result of the company's efforts to comply with the more stringent BS6 Phase II emission norms," the automaker said in a statement.
It also added that the price increase will be applied across the entire range of commercial vehicles, with the exact amount varying according to the individual model and variant.
Meanwhile, shares of Tata Motors on March 21 closed 0.40 percent higher at Rs 412.40 apiece on BSE on the day the Indian stock exchange indices, Sensex and Nifty, rose as financials stocks rallied following a raft of measures to stabilise the global banking sector provided temporary relief.
The Nifty 50 index closed 0.70 percent higher at 17,107.50, while the S&P BSE Sensex rose 0.77 percent to 58,074.68 in its biggest one-day gain since the collapse of Silicon Valley Bank on March 10.
Earlier in February, Tata Motors had increased the price of its passenger vehicles by 1.2 percent weighted average basis on the back of rising input costs.
Tata Motors had then said that it has been "absorbing a significant portion of the increased costs on account of regulatory changes and rise in overall input costs and is hence passing on some portion through this hike."
Recently, Tata Motors announced that it has achieved the milestone of producing 50 lakh passenger vehicles. The company achieved this goal on March 3 and celebrated the milestone amid a lot of fanfare in an event wherein the Tata Motors family and their new Forever range of Tata cars and SUVs came together.