Earlier this month, Maruti Suzuki India hiked prices of its vehicles across models by about 1.1 per cent. In December last year, the company had said it would hike prices of its vehicles to offset the impact of rising input costs and make provisions to update the model range to conform to stricter emission norms which will kick in from April 2023.
The shares of Tata Motors, India’s No.3 carmaker by volume, rose as much as 8.2% to a more-than-four-month high on Friday after the company reported its first quarterly profit in two years.
The stock posted its biggest intraday jump in over 8 months, before easing to trade up about 5.2% at 440 rupees as of 12:45 p.m. IST. It was among the top gainers on the benchmark Nifty 50 index, which was down 1.8% on the day.
Tata Motors swung to a surprise profit of 29.58 billion rupees in the October-December quarter, from a loss of 15.16 billion rupees a year before. Analysts were expecting a narrower loss of 185.6 million rupees.
Improving semiconductor supplies and rising demand helped Tata Motors’ luxury car unit, Jaguar Land Rover (JLR), turn profitable. JLR contributes more than 60% of overall revenue.
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