Shares of the nation’s largest automobile maker – Maruti Suzuki – rose as a lot as 1.68 per cent to hit an intraday excessive of Rs 7,223 after the corporate publish market hours on Monday stated that it’ll improve automobile costs beginning April on the again of rise in enter prices. “Over the past year the cost of company’s vehicles has been impacted adversely due to increase in various input costs. Hence, it has become imperative for the company to pass on some impact of the above additional cost to customers through a price increase in April, 2021,” Maruti Suzuki stated in a inventory alternate submitting. (Track Maruti Suzuki share worth right here)
In January, Maruti had cited an increase in enter prices and stated it should hike worth as much as Rs 34,000 on some automobile fashions.
Rival Mahindra and Mahindra elevated costs of its private and business automobiles by 1.9 per cent, whereas Tata Motors raised costs for its passenger automobiles by as much as Rs 26,000.
Last month, Maruti Suzuki launched new model of its common hatchback automobile Swift. The all-new Swift 2021 comes with Next Gen Okay-Series 1.2 litre twin jet twin VVT engine with idle begin cease function.
Auto sector was already seeing weak demand and better prices when the COVID-19 pandemic dealt a blow final March.
Since then, carmakers have seen demand return however have warned about uncertainties forward. Several carmakers have elevated costs this 12 months to maintain up with rising prices.
As of 10:45 am, Maruti Suzuki shares traded 1.38 per cent greater at Rs 7,199, outperforming Sensex which was up 0.3 per cent.
