Tata Motors gains on price hike hopes
Tata Motors is trading higher by over 2% at Rs 399 on the Bombay Stock Exchange on media reports of price hike in April.
“Tata Motors is mulling increasing prices of its commercial vehicles portfolio by about 1%, primarily due to high input costs and continued inflationary pressures,” the PTI report suggests quoting a Tata Motors spokesperson.
Tata Motors sells a range of commercial vehicles such as light CVs, buses and trucks. The company has already stated that it also looking at increasing prices of its passenger vehicles by 1-2%, added report.
Meanwhile, Reuters report suggests that, Tata Motors is planning to raise Rs 300 crore through 4-year 11-month bonds at 10%.
The bonds are rated AA+ by Care rating agency, and Deutsche Bank is the sole arranger to the bond sale, added report.
The stock opened at Rs 394 and has seen a combined around 800,000 shares changing hands on the counter so far on the BSE and NSE.