Tata Motors Ltd. shares rose during early trade on Tuesday after the company announced price hikes in commercial vehicles by 1.5% effective 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 after market hours on Monday. Tata Motors attributed the price hike 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%.
ALSO READ: Tata Motors Hikes Prices Of Commercial Vehicles From April 1
Tata Motors CV Share Price Movement
Tata Motors CV share price advanced nearly 2% to Rs 445 apiece. The benchmark Nifty 50 was flat. The relative strength index was at 44.
The stock has risen 7% on a year-to-date basis.
Twenty-two out of the 25 analysts tracking Tata Motors CV have a 'buy' rating on the stock, and three recommend a 'hold', according to Bloomberg data. The average of 12-month analyst price targets is Rs 536, which implies a potential upside of 23%.
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