Tata Motors on Tuesday announced that the company will raise the prices of its commercial vehicles from July 1 to partially offset rising input costs, the PTI reported.
According to the report, the price rise by the automaker will be in the range of 1.5 to 2.5 per cent.
Tata Motors in a regulatory filing said that the hike will be across the range of commercial vehicles and the quantum will depend on individual model and variant.
“While the company takes extensive measures to absorb a significant portion of the increased input costs at various levels of manufacturing, the steep rise in overall input costs makes it imperative to pass on a residual proportion via a minimised price hike," it said.
Tata Motors sold 32,818 commercial vehicles in May 2022, clocking a 188 per cent rise in sales albeit low-year ago base of 11,401 units in May, 2021.
In April, Tata Motors had hiked the prices of its passenger vehicles by 1.1 per cent and those of commercial vehicles by 2 - 2.5 per cent to partially offset rising input costs.
Meanwhile, the debt of Jaguar-owner Tata Motors and mining giant Vedanta Resources Ltd suffered their biggest drop on record last week, among a handful of Indian companies whose bonds plummeted as the rupee sank to a record low as reported by Bloomberg.
In addition to those two dollar notes maturing in 2024, Adani Green Energy’s foreign currency bond tumbled the most since March, while GMR Hyderabad 2026 debt also slid.
Those drops coincide with the rupee touching its lowest against the dollar, making it more expensive for the Indian companies already facing the challenge of higher interest rates to service existing foreign debt or sell new bonds in another currency.
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