Maruti shares gain over 1 pct on Tuesday, close at Rs 7,185.25 on BSE

Shares of Maruti Suzuki India (MSI) gained over 1 per cent on Tuesday after the company said it will "substantially" increase the prices of its entire product portfolio from next month in order to offset the impact of high input costs.

The stock gained 1.16 per cent to close at Rs 7,185.25 on BSE. During the day, it jumped 1.68 per cent to Rs 7,223.

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On NSE, it rose by 1.19 per cent to settle at Rs 7,186.25.
The auto major said the exercise would cover its entire product range in the country.
"We had emission norm conversion from April last year. It involved a lot of costs so we had thought that we would increase the prices but somehow the market situation last year wasn't so great so we did not increase prices at that time. But now input costs have increased dramatically, especially of the raw materials like steel, plastic and the rare metals," MSI Executive Director (Sales and Marketing) Shashank Srivastava told PTI.
It was to offset the impact of the cost escalations that the company had hiked prices in January this year, he added.