Tata Motors gains 2% on decision to hike CV prices
The share touched a 52-week high of Rs 536.50 and a 52-week low of Rs 156.55 on November17 and December 22, respectively.
December 07, 2021 / 09:30 AM IST
Tata Motors share price rose 2 percent in the early trade on December 7 after the company announced that it will increase the prices of its commercial vehicles from January 1.
“Tata Motors has announced an impending price hike of its commercial vehicle range. An increase in price in the range of 2.5 percent, will be implemented from January 1, 2022, and will be put into effect across segments of M&HCV, I&LCV, SCV and bus, basis individual model and variant of the vehicle,” the company said in a release.
The increase in the prices of commodities such as steel, aluminium and other precious metals, in addition to higher costs of other raw materials, has incited this price hike in commercial vehicles.
While the company is absorbing a significant portion of the increased costs at various levels of manufacturing, the steep rise in overall input costs makes it imperative to pass on some residual proportion through a minimal price hike, it added.
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At 9:18am, Tata Motors was quoting at Rs 475.40, up Rs 8.10, or 1.73 percent on the BSE.
The share touched a 52-week high of Rs 536.50 and a 52-week low of Rs 156.55 on November 17, and December 22, respectively. It is now trading 11.39 percent below its 52-week high and 203.67 percent above its 52-week low.