Maruti Suzuki share climbs 2% as firm to raise prices from April
BusinessToday.In March 23, 2021
Maruti share rose nearly 2% today after the firm said it would raise prices across its model range from April to offset the impact of high input costs.
"Hence, it has become imperative for the company to pass on some impact of the above additional cost to customers through a price increase in April 2021," it added.
The price increase shall vary for different models, it added.
The stock rose 1.74% to Rs 7,225 against previous close of Rs 7,101 on BSE. Over the past year, the cost of the company's vehicles has been impacted adversely due to an increase in various input costs, the auto major said. Market cap of the auto firm rose to Rs 2.16 lakh crore. The stock has gained after 2 days of consecutive fall.
The stock trades higher than 5 day, 20 day and 200 day moving averages but lower than 50 day and 100 day moving averages. The large cap share has gained 70.47% in a year.
The company however did not share details about the quantum of the price hike it intends to take from next month. On January 18 this year, the automaker had announced to raise prices of select models by up to Rs 34,000 due to a rise in input costs.