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Shares of Tata Motors gained 3 per cent to Rs 355.50 on the BSE in the intra-day trade on Tuesday on a report that the company would undertake a price increase in its passenger vehicles (PV) portfolio to pass on some of the rises in input costs of materials, such as steel and precious metals, to customers.
The quantum of the hike, however, has not yet been disclosed. The stock of the Tata Group commercial vehicles’ company was trading close to its 52-week high of Rs 360.65 touched on June 15, 2021.
The passenger vehicle (PV) industry’s sequential growth momentum got adversely impacted in Q1FY22 owing to restrictions imposed across the country to break the chain of Covid transmission. Yet, the sector is likely to record substantial growth numbers off a low base on a year-on-year basis.
“The PV industry continues to witness uncertainty on account of global semi‐conductor shortage and rising commodity prices even as the demand side is on a progressive recovery path,” Shailesh Chandra, President, Passenger Vehicles Business Unit, Tata Motors had said on July 1 while announcing June quarter sales numbers.
Stock Covered in the news
