Tata Motors‘ share price jumped back into the green on Tuesday morning, breaking a three-session losing streak.
What Happened: The jump today comes as the auto giant is reportedly considering a price hike. Several media reports have said that the company is considering a price hike across its passenger and electric vehicles in January 2024. The exact details of the price hike are expected to be announced in the coming weeks.
The news comes as several other automakers have announced price hikes. Maruti Suzuki, Audi and Mercedez Benz India are all looking at raising prices come the new year. The automakers have said that the price hikes have become necessary to deal with increased cost pressure, driven by overall inflation and high commodity prices.
Shares of the Tata Group company have been on a dream run this year. On a year-to-date basis, the stock has surged up over 70%.
Price Action: Tata Motors’ share price was up 0.81% to trade at ₹679.15 shortly after market open on Tuesday.
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