Many auto companies like Maruti Suzuki India Limited and Hero MotoCorp have announced price hikes already and many more or likely to follow the suit. The input costs are rising and companies are resorting to price hikes to protect their profit margins.
“There has been a steady rise in commodity prices necessitating a price hike to offset the impact of the inflation. The increase in prices would vary across models and variants,” company said in a regulatory filing on Wednesday.
Escorts Ltd trade on Wednesday ended at Rs1,324.95 per piece down by Rs40.4 or 2.96% from its previous closing of Rs1,365.35 per piece on the BSE.