Tata Motors share price rallied nearly 8 per cent in intraday trade on the Bombay Stock Exchange (BSE) after the auto major said it will increase prices of its passenger vehicles from January. The price hike is likely to offset impact of upgrading its portfolio to conform to BSVI emission norms, the company reportedly said.
Currently, the auto major sells products ranging from hatchback Tiago to SUV Harrier, priced between Rs 4.39 lakh and Rs 16.85 lakh (ex-showroom Delhi).
"With BSVI products coming in, prices will increase from January," Tata Motors President (Passenger Vehicles Business Unit) Mayank Pareek told news agency PTI.
Boosted by the development, Tata Motors share price gained 7.74 per cent to touch an intraday high of Rs 170.40 after opening flat at Rs 158.60 against previous closing price of Rs 158.15. The stock ended Wednesday's trade at Rs 169.40, up 7.11 per cent.
According to data available with BSE, 37.93 lakh shares changed hand over the counter as compared to two week average volume of 15.69 lakh shares.
In a similar trend, Tata Motors shares ended 7.02 per cent higher at Rs 169.30 per cent on the National Stock Exchange (NSE). The scrip hit an intraday high of Rs 170.35 against previous closing price of Rs 158.20.
In a separate development, the auto major, in association with Google, launched 'Tata Altroz Voice BoT', a personalised, interactive voice experience system for the Tata Altroz, using the Google Assistant.
The Altroz, which marks the company's entry into the premium hatchback segment, will be launched in India in January 2020. It will go up against the likes of Volkswagen Polo, Maruti Suzuki Baleno, Toyota Glanza, Hyundai Elite i20, and the Honda Jazz, among others.
Speaking on the launch of this tech-savvy customer-friendly service, Mayank Pareek, President - Passenger Vehicle Business Unit (PVBU), Tata Motors said, "Users today are passing through the purchase journey entirely fuelled by self-investigation. We know from our long partnership with Google that this journey is predominantly aided through online research, that too mostly on mobile devices. To cater to these evolving needs, we are delighted to launch the Tata Altroz Voice BoT, one of our many initiatives that will enhance the overall buying experience of the users."
"We hope that this class-defining service will be appreciated and will contribute to a more convenient buying experience," Pareek added.
Edited by Chitranjan Kumar