Tata Motors share price exceeded more than 3 percent in the morning session on July 29 following reports that the car engine was planning to raise passenger prices from next week.
The chief traffic officer is looking to increase the prices of all passenger vehicles from next week to end the increase in the cost of purchasing valuables such as steel and precious metals, a senior company official said.
A Mumbai-based traffic officer sells a range of passenger cars such as Tiago, Nexon, Harrier and Safari in the domestic market.
“We have seen a dramatic increase in the prices of metals and precious metals in the past one year. The financial impact of inflation is between 8-8.5 percent of our revenue last year,” Shailesh Chandra, president of the Tata Motors Passenger Vehicles Business Unit (PVBU), told PTI .
“In terms of company recognition, we have passed only 2.5 percent. From an ex-showroom perspective, this could be 3 percent, so there is a huge gap to the level of inflation (input costs) and we have been able to pass it on to the market,” he said. Chandra.
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At 9.52 am, the stock was trading at Rs 293.25, up Rs 8.80, or 3.09 percent. It affected the internal highs of Rs 293.90 and the intraday low of Rs 287.65.
The big auto on July 26 sent a combined net loss of Rs 4,450.92 crore for Q1 FY22 compared to a loss of R4,437.99 crore in the same part of the previous financial year.
Overdue quarterly revenue has exceeded Rs 66,406.45 crore from Rs 31,983.06 crore in the past.
India’s performance of Tata Motors has shown significant improvement compared to Q1 FY21, but the second wave of COVID and supply problems has reduced growth momentum compared to Q4 FY21, the company said.
