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By Malvika Gurung
Investing.com — The homegrown auto giant Tata Motors (NS:) has announced on Tuesday to raise the prices of its commercial vehicles by 2-2.5%, starting April 2022, with the hike varying for different models and variants.
Shares of the auto major were trading 2.93% higher at Rs 440.5 apiece at 2:57 pm on Tuesday.
The Russia-Ukraine crisis has sharply driven the prices of commodities like steel, iron, aluminium and other precious metals, making raw materials costlier for automakers.
Tata Motors states that despite absorbing a significant portion of the increased costs, high overall input costs have led it to pass a proportion on to the customers’ end.
Mercedes-Benz India announced last week that it would raise the entire model range by up to 3%, starting April to offset the effect of surging input costs.
Besides, Tata Motors also plans to invest Rs 15,000 crore in its electric vehicles segment over the next five years, it stated last week.
Brokerage firm ICICI Direct has set a target price of Rs 500/share on the Tata stock and maintained its Buy rating on the stock, backed by continued EV proactiveness and robust demand prospects.
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