Tata Motors gained 1.12% to Rs 472.55 after the company announced an impending price hike of 2.5% on its commercial vehicle range including M&HCV, I&LCV, SCV and bus, basis individual model and variant of the vehicle, effective from 1 January 2022.
The increase in the prices of commodities such as steel, aluminium and other precious metals, in addition to higher costs of other raw materials has incited this price hike commercial vehicles. The company said that it "is absorbing a significant portion of the increased costs at various levels of manufacturing, the steep rise in overall input costs makes it imperative to pass on some residual proportion via a minimal price hike."
On a consolidated basis, Tata Motors' net loss stood at Rs 4476.61 crore in Q2 FY22 as against net loss of Rs 343.28 crore in Q2 FY21. Net sales grew 14.4% to Rs 60,435.92 crore in Q2 FY22 over Q2 FY21.
Tata Motors, part of the Tata group, is a global automobile manufacturer of cars, utility vehicles, pick-ups, trucks and buses.
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