Tata Motors said on March 21 that it would raise commercial vehicle pricing by up to 5% beginning April 1, 2023.
“The price increase is the outcome of the company’s efforts to comply with the more severe BS6 Phase II emission requirements,” the manufacturer stated in a statement.
It also said that the price rise would apply to the full line of commercial vehicles, with the precise amount varying depending on the model and version.
Nevertheless, Tata Motors shares finished 0.40 percent higher at Rs 412.40 a share on the BSE on March 21, the same day that the Indian stock exchange indexes, Sensex and Nifty, surged as financial equities rallied after a slew of steps to stabilize the global banking sector brought temporary respite.
The Nifty 50 index ended 0.70 percent higher at 17,107.50, while the S&P BSE Sensex gained 0.77 percent to 58,074.68 in its greatest one-day rise since the March 10 collapse of Silicon Valley Bank.
Tata Motors raised the prices of its passenger cars by 1.2 percent on a weighted average basis earlier in February due to higher input costs.
Tata Motors previously said that it had “absorbed a considerable percentage of the additional expenses due to regulatory changes and the rise in total input prices and is so passing on some portion of this hike.”
Tata Motors just announced that it has made its 50 millionth passenger car. The business reached this target on March 3 and celebrated the occasion with much hoopla at an event that brought together the Tata Motors family and their new Forever line of Tata cars and SUVs.