Tata Motors’ share price jumped back into the green on Monday morning halting its two straight session losing streak.
What Happened: Today’s jump comes as the auto giant announced raising prices for its commercial vehicles on Sunday. Starting Jan 1, Tata Motors plans to implement a 3% price hike for all its commercial vehicle offerings. “The price increase is to offset the residual impact of the past input costs,” the company said in a press release.
The hike comes as the government, in a recent gazette notification, stipulated that all new trucks manufactured on or after Oct 1, 2025, must be outfitted with air-conditioned cabins for drivers.
Late last week on Saturday, the company also signed an MoU with Bharat Petroleum Corporation Limited (BPCL), aimed at establishing public charging stations throughout India. The partnership is looking to strategically place chargers at locations frequently visited by Tata EV owners. BPCL will also use data gathered from charger usage to enhance the overall customer experience.
The companies are actively exploring the introduction of a user-friendly payment system, potentially through a co-branded RFID card. This initiative aims to streamline the payment process for Tata EV users and foster greater adoption of electric vehicles in the country.
As per the press release, Tata Motors holds a dominant market share of over 71% in electric passenger vehicles in India, making it the market leader.
Price Action: Tata Motors’ share price was up % to trade at ₹7 as the markets opened on Monday.
Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.