Tata Motors share price today: Company increases price of its commercial vehicles

Tata Motor Share Price: Shares of Tata Motors fell on Wednesday after opening in green at Rs 990.90, with a gain of Rs 5.25 from the previous close of Rs 985.65 on the BSE. The counter hit the intraday high of Rs 994.90 before falling to Rs 977.80 as the company announced an increase in the price of its commercial vehicles. 

Meanwhile, the company has announced a price increase of up to 2 per cent for its commercial vehicles. The automobile manufacturer, in an exchange filing, said that the new prices will be effective from next month. The company said the price hike will be applicable across the entire range of commercial vehicles, and will vary as per individual model and variant.

Last seen the counter was trading at Rs 983.70 - down by around 0.20 per cent from the previous close. The shares of Tata Motors, which has a market cap of Rs 3,27,046 crore, have a 52-week high and low of Rs 1065.60 and 557.45 respectively.

Tata Motors Commercial Vehicle Price Hike News

"Tata Motors Limited to increase price of its Commercial Vehicles from July 1, 2024," the company said in an official statement.

Tata Motors is an automobile manufacturer in India that manufactures both commercial and passenger vehicles. The company is among the top three in the passenger vehicles market in the country.

Recently, Tata Motors reported a total of 29,691 commercial vehicle sales in May, marking a 2 per cent increase compared to the same month the previous year.

The detailed breakdown of truck sales revealed mixed results. Overall truck sales reached 12,402 units. However, within this category, the sales of Heavy Commercial Vehicles (HCVs) experienced a slight decline. HCV sales fell by 3 per cent, dropping from 8,160 units in May 2023 to 7,924 units in May 2024.

On the other hand, the Intermediate Light Medium Commercial Vehicle (ILMCV) segment demonstrated robust growth. ILMCV sales surged by 30 per cent, rising from 3,450 units in May 2023 to 4,478 units in May 2024. Other automakers are likely to follow the lead of Tata Motors and might raise prices.