Tata Motors zooms to 52-week high on plans to hike vehicle prices

Shares of Tata Motors Limited traded over a percent higher at Rs 827 to hit a fresh 52-week high on January 23 after the company announced that it will raise the prices by 0.7 percent across its passenger vehicles portfolio, including electric vehicles, with effect from February 1.

The automobile major said the main reason behind the hike is escalating input costs. Despite the announcement, specific revised prices for each car have not been disclosed by the company.

At 9:26am, the stock was trading at Rs 825, up 0.7 percent from the previous close on the NSE. In the last year, the counter has had a stellar rally, gaining over 100 percent on the bourses. It was also the best performer on the Nifty in 2023.

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The hike isn’t just restricted to internal combustion engine (ICE) vehicles, but also EVs where Tata Motors is the market leader. This comes after the company launched the new Tata Punch EV, its recent addition to the electric SUV segment. Before its launch, Tata had Nexon EV, Tigor EV, and Tiago EV.

The development gains significance as Tata Motors isn’t the first company to hike prices in 2024. Last week, Maruti Suzuki announced a 0.45 percent price increase for its models. The company’s diverse range of vehicles, from the entry-level hatchback Alto to the sports utility vehicle Jimny and the multi-utility vehicle Invicto.

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