Tata Motors to hike price of passenger vehicles
The auto major has announced that effective 8 May 2021, it will increase prices of its passenger vehicles, averaging 1.8%, depending on the variant and model.
The company will offer protection from the price increase to customers who have booked Tata passenger vehicles on or before 7 May 2021.
Shailesh Chandra, president - passenger vehicles business, said, "Increase in prices of commodities, such as steel and precious metals, necessitates us to pass on a part of it through increase in price of our products."
In January 2021, the company had announced a price hike for its passenger vehicle range. It had marginally increased prices from 0 to Rs 26,000, depending on the variant.
Tata Motors, part of the Tata group, is a global automobile manufacturer of cars, utility vehicles, pick-ups, trucks and buses.
On a consolidated basis, the company's net profit surged 64.9% to Rs 3,222.21 crore on 5.4% rise in net sales to Rs 74,878.98 crore in Q3 FY21 over Q3 FY20.
The scrip rose 1% to Rs 304.15 on the BSE. It traded in the range of 300.45 and 305.85 so far during the day.
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