MUMBAI, Nov 12: Stocks of auto majors Tata Motors and Mahindra & Mahindra rose up to three per cent today after the companies announced price increases in the range of 1-2 per cent, citing higher input costs.
Tata Motors rose by 2.83 per cent to Rs 536.50, while Mahindra & Mahindra gained 1.13 per cent to Rs 1,275 on the BSE.
Mahindra & Mahindra has raised prices by up to Rs 11,500 (ex-showroom) of passenger, commercial vehicles and tractors, while Tata Motors has hiked prices of its commercial vehicles in the range of 1-2 per cent.
“We have been holding back on the price hikes for a while but now it has been necessitated to partly offset the impact of rising input costs,” Mahindra & Mahindra Chief Executive, Automotive Division and International Operations, Pravin Shah said in a statement yesterday.
When contacted, a Tata Motors spokesperson told PTI: “From October to November, the company has raised the prices of commercial vehicles in the range of 1-2 per cent across categories.” (PTI)
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