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M&M shares surge over 2% as firm to hike prices of passenger, commercial vehicles from January 1

SNS | New Delhi |

Share price of Mahindra & Mahindra (M&M) surged over 2 per cent during Wednesday afternoon after the automaker announced that it will hike prices of its entire range of passenger and commercial vehicles from January 2021 to partially offset the impact of rising in input costs.

At the BSE, the company’s stock was trading 2.29 per cent or Rs 16.45 higher at Rs 734.70. It had earlier jumped 3.80 per cent to Rs 745.55 on the BSE.

Similarly at NSE, it gained Rs 17.05 or 2.37 per cent to hit the high of Rs 735. So far, it has hit day’s high and low at Rs 746.25 and Rs 727.35 respectively

Effective January 1, the company will increase the prices of its range of passenger and commercial vehicles, across models, the Mumbai-based automaker said in a statement on Tuesday.

This has been necessitated due to the increase in commodity prices and various other input costs, it added.

Details of price increase across different models will be communicated in due course, the automaker, which sells models like Thar and Scorpio, said.