Tata Motors to hike prices of passenger vehicles from February 1

Tata Motors also added 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."

Tata Motors said on January 27 it would increase the price of its passenger vehicles by 1.2 percent weighted average basis from February 1, as input costs rise.

The vehicle maker said 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."

Tata Motors’ shares closed 6.34 percent higher at Rs 445.55 apiece on BSE on yet another day of market carnage as benchmark indices closed around 1.5 percent lower.

Earlier this month, rival and India's top car maker Maruti Suzuki raised prices by an average of 1.1 percent across its models, blaming similar cost pressures.

India has mandated automakers to comply with stricter fuel efficiency norms from April this year and will also require all cars to have six airbags by October.

Meanwhile, even as key commodity prices have come off record levels, auto makers have been resorting to price hikes to shore up margins in a high-inflation environment.

Tata Motors had on January 25 reported a consolidated net profit of Rs 2,957.71 crore for the quarter ended December 2022, against a loss of Rs 1,516.14 crore in the same quarter last year.

Revenue from operations came in at Rs 88,488.59 crore, up 22.51 percent from Rs 72,229.29 crore in the same quarter last year.