Share of Tata Motors rose nearly 4% today amid reports that the homegrown auto major was looking to raise prices of its entire range of passenger vehicles from next week.
Tata Motors share has gained after 4 days of consecutive fall. The stock touched an intraday high of Rs 295, 3.71% higher than its previous close of Rs 284.45 on BSE.
The large cap stock trades higher than 200 day moving averages but lower than 5 day, 20 day, 50 day and 100 day moving averages.
The share has risen 178% in one year and gained 60% since the beginning of this year.
Market cap of the firm rose to Rs 97,799 crore on BSE.
Total 8.88 lakh shares changed hands amounting to turnover of Rs 26.08 crore on BSE. The share hit 52-week high of Rs 360.65 on June 15, 2021 and 52 week low of Rs 102.35 on July 31,2020.
The company is likely to raise prices next week to offset the steep rise in procurement cost of essential materials like steel and precious metals, as per a top company official.
The Mumbai-based auto major sells a range of passenger vehicles like Tiago, Nexon, Harrier and Safari in the domestic market.
"We have seen a very steep increase in the prices of steel and precious metals over the last one year. The financial impact of the increase in commodity prices is in the range of 8-8.5 per cent of our revenues in the past one year," said Tata Motors President Passenger Vehicles Business Unit (PVBU)Shailesh Chandra.
On July 12, country's largest carmaker Maruti Suzuki India announced the hike of Swift car and CNG variants of other models prices by Rs 15,000. The frim cited an increase in various input costs as the reason behind the move.
This was the third time Maruti announced price hikes across its models in 2021.
On April 16, Maruti Suzuki announced the weighted average price increase of 1.6 per cent in ex-showroom prices (Delhi) across models.
On January 18 this year, the automaker raised prices of select models by up to Rs 34,000 due to rise in input costs.
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