On March 22, Tata Motors remained in focus a day after the company planned to hike the prices of its commercial vehicles.
At 9:15 am, Tata Motors quoted Rs 416.40, up Rs 4, or 0.97%, on the Bombay Stock Exchange. It touched an intraday high of Rs 417.10 and an intraday low of Rs 415.
On March 21, the auto major proclaimed that it would be increasing the cost of commercial vehicles by up to 5% from April 1.
“The decision to upsurge prices is an outcome of the company’s efforts to fulfil the more stringent BS6 Phase II emission standards,” the automaker mentioned in a statement.
It also added that the price rise would apply to the whole range of commercial vehicles, with the exact amount varying, as per the individual model and variant.
Previously in February, Tata Motors had augmented the price of its passenger vehicles by 1.2% weighted average basis due to the rising input prices.
Tata Motors had then mentioned that it has been “absorbing a substantial portion of the increased costs amid regulatory changes and an upsurge in the overall input costs, passing on some portion through this hike”.
Jaguar Land Rover (JLR), one of Tata Motors’ premium offerings, stated a jump in sales in the British market at 1,670 units in February, which is 33% higher than the 1,253 units sold a year ago.