Tata Motors Ltd. formerly known as Tata Motors Commercial Vehicles Ltd. said on Monday that it has hiked prices of its commercial vehicles by 1.5%. The price hike is to take effect from April 1.
The price hike will be applicable to the entire range of commercial vehicles and will vary depending on the individual model and variant, the company said in an exchange filing.
The company has increased the price to offset the impact of rising commodity prices and other input costs.
Last year, the auto giant had hiked prices of its commercial vehicles by 2%.
Tata Motors earlier this month won a cumulative pan-India order of over 5,000 buses from multiple state transport undertakings. Each of the tenders was won through a competitive e-bidding process.
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Some of the state transport undertakings that have issued orders to Tata Motors include the Maharashtra State Road Transport Corporation (MSRTC), Gujarat State Road Transport Corporation (GSRTC), North Western Karanataka Road Transport Corporation (NWKRTC), Telangana State Road Transport Corporation (TGSRTC), and Bihar State Road Transport Corporation (BSRTC), among others.
The majority of these orders are concentrated around the Southern and Western parts of India, although the Chandigarh and Bihar road transport undertakings have also placed orders.
The cumulative orders would see Tata Motors offer a wide range of vehicles, including Tata Magna, Tata Cityride, Tata Starbus, Tata LPO 1618 and 1622 and LPO 1822, among others. These buses are configured for intercity, long-haul or intracity operations.
Tata Motors Share Price Today
The scrip closed 2.81% to Rs 437.60 apiece on Monday. This compares to a 1.11% advance in the NSE Nifty 50 Index. During the day, the stock rose as much as 3.84% to Rs 442 per share.
Tata Motors shares have risen 5.32% year-to-date.
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