Tata Motors Zooms to 52-Week High, Price Hike Fuels Rally

23 Jan 2024 , 12:18 PM

On January 23, shares of Tata Motors Limited surged by more than one percent to reach a new 52-week high. The firm had previously declared that it would increase prices by 0.7% for all of its passenger car portfolio, which includes electric vehicles, starting on February 1.

The major in automotive indicated that rising input prices are the primary cause of the increase. The corporation has not yet released the precise updated prices for each car, despite the announcement.

The stock was down 1.32% from the previous close on the NSE when it was trading at Rs 808 at 12:20 p.m. The counter has had an incredible climb during the past year, rising more than 100% on the exchanges. Additionally, it had the best Nifty performance in 2023.

The increase applies not just to internal combustion engine (ICE) cars but also to electric vehicles (EVs), of which Tata Motors leads the market. This follows the introduction of the brand-new Tata Punch EV, the company’s most recent entry into the electric SUV market. Tata had the Nexon EV, Tigor EV, and Tiago EV before to its debut.

Given that Tata Motors is not the only firm to raise prices in 2024, the news becomes greater significance. Maruti Suzuki revealed a 0.45% price hike for several vehicles last week. The company’s wide selection of automobiles, which includes the multipurpose Invicto, the sports utility vehicle Jimny, and the entry-level hatchback Alto.

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