Tata Motors on Friday said that it will increase prices of its internal combustion engine-powered passenger vehicle range by 1.2 per cent on a weighted average basis from February 1. 

The company has been absorbing a significant portion of the increased costs on account of regulatory changes and a rise in overall input costs, and is hence passing on some portion through this hike, the auto major said in a statement. 

Effective February 1, 2023, the weighted average increase will be 1.2 per cent, depending on the variant and model, it added. 

The company sells various models like Nexon, Harrier, Safari and Punch in the domestic market.

Tata Motors: Q3 Result

The announcement of the price rise comes a couple of days after the automobile manufacturer declared its quarterly results on January 25. Consolidated revenue from operations of the automobile manufacturer increased by 22.5 per cent YoY to Rs 88,489 crore. Consolidated revenue from operations also witnessed a rise of 22.5 per cent YoY to Rs 88,489 crore.

Shares of Tata Motors on Friday jumped over 8 per cent in morning trade after the firm reported the profit on Wednesday. The stock rose 8.16 per cent to ₹ 453.20 on the BSE. At the NSE, it zoomed 8.19 per cent to Rs 453.40.

Not just Tata Motors, but Maruti Suzuki also announced the price rise of its car models last week. Maruti Suzuki announced on January 16, that it will be hiking the prices across all its models by around 1.1 per cent effective January 16. The company in December 2022 notified about their plan to hike prices in January, owing to increased cost pressure driven by overall inflation and recent regulatory requirements.