Shares of automakers rallied over 7 per cent on Wednesday after some companies announced hiking prices from January on the back of rising input costs. Tata Motors’ stock gained 7.11 per cent to Rs 169.40 on the BSE. In early trade, it was up 7.74 per cent at Rs 170.40. On the NSE, the scrip rallied 7.02 per cent at Rs 169.30. It’s intraday high was at Rs 170.35, up 7.68 per cent over the previous close.
Shares of Mahindra & Mahindra (M&M) rose 0.51 per cent to Rs 525.50 apiece on the BSE. It touched an intra-day high of Rs 529, up 1.17 per cent over the previous close.
On the NSE, the stock registered a gain of 0.46 per cent at Rs 525.30. It gained as much as 1.21 per cent to Rs 529.25 during the day. The country’s largest carmaker Maruti Suzuki India saw its shares fall 0.93 per cent to Rs 7,075.55 on the BSE and 0.88 per cent to Rs 7,076 on the NSE.
In early trade, shares of MSI traded higher and rose 0.40 per cent on the BSE. Tata Motors’ market capitalisation saw an increase of over Rs 3,200 crore to Rs 48,911.69 crore.
Over seven crore shares of Tata Motors, 98 lakh of MSI, and 26 lakh shares of M&M were traded on the NSE. Tata Motors on Wednesday said it will increase prices of its passenger vehicles from January, primarily in order to offset the impact of upgrading its portfolio to conform to BS-VI emission norms.
MSI on Tuesday said it will hike prices of its vehicles from January to offset rising input costs. Other car manufacturers such as Toyota, M&M and Mercedes-Benz said they are also contemplating a similar move.