Tata Motors gains on plan to hike CV prices by upto 5%

Tata Motors rose 1.02% to Rs 416.60 after the auto major announced that it will be implementing a price increase of up to 5% on its commercial vehicles (CV) starting from 1 April 2023.

The decision to increase prices is a result of the company's efforts to comply with the more stringent BS6 phase II emission norms, the auto maker said.

As Tata Motors transitions its entire vehicle portfolio to meet these standards, customers and fleet owners can expect a range of cleaner, greener, and technologically superior offerings that deliver higher benefits and lower total cost of ownership.

The price hike will be applied across the entire range of commercial vehicles, with the exact amount varying according to the individual model and variant, the company stated.

Tata Motors, part of the Tata group, is a global automobile manufacturer of cars, utility vehicles, pick-ups, trucks and buses.

The company reported consolidated net profit of Rs 2,957.71 crore in Q3 FY23 as compared with net loss of Rs 1,516.14 crore in Q3 FY22. Total revenue from operations increased by 22.5% YoY to Rs 88,488.59 crore during the quarter.

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