Auto stocks mostly higher on price hike announcements

Shares of automakers were trading higher by as much as 3 per cent on Wednesday after some companies announced hiking prices from January on the back of rising input costs.

Tata Motors' stock gained 3.92 per cent to Rs 163.85 on the BSE. In early trade, it was up 6.07 per cent at Rs 167.65 a unit.

On the NSE, the scrip was trading 3.16 per cent up at Rs 163.20 apiece.

Shares of Mahindra & Mahindra (M&M) rose 0.51 per cent to Rs 525.50 on the BSE. On the NSE, the stock registered a gain of 0.41 per cent at Rs 525.05.

The country's largest carmaker Maruti Suzuki India saw its shares fall 0.36 per cent to Rs 7,116 on the BSE and 0.28 per cent to Rs 7,119 on the NSE.

In early trade, shares of MSI traded higher and rose 0.40 per cent on the BSE.

Tata Motors on Wednesday said it will increase prices of its passenger vehicles from January, primarily in order to offset impact of upgrading its portfolio to conform to BSVI emission norms.

Maruti Suzuki India on Tuesday said it will hike prices of its vehicles from January to offset rising input costs.

Other car manufacturers such as Toyota, Mahindra & Mahindra and Mercedes-Benz said they are also contemplating a similar move.