Maruti Suzuki share rose over 2% today after the firm said it has increased prices on account of higher input costs. The prices have been raised up to Rs 34,000 across models and ranges. The new rates came into effect from Monday.
Maruti Suzuki share has gained after 2 days of consecutive fall.
The stock touched an intraday high of Rs 7,990 rising 2.25% against previous close of Rs 7,814 on BSE.
The large cap share trades higher than 20 day, 50 day, 100 day and 200 day moving averages but lower than 5 day moving averages. The share has gained 5.53% in one year and gained 3.8% since the beginning of this year.
Market cap of the firm rose to Rs 2.38 lakh crore.
"This is to inform you that the company is increasing the price for select models owing to increase in various input costs. The price change varies across models and ranges up to Rs 34,000 (Ex-Showroom - Delhi). The new prices are effective from today i.e. 18th January 2021," Maruti Suzuki said in a regulatory filing.
Maruti Suzuki did not specify the quantum of price hike of individual models, nor listed the models that will be affected due to the price hike.
The price hike from Maruti Suzuki comes days after competitor Mahindra & Mahindra announced to increase prices of its passenger and commericalby 1.9 per cent. The price hike had led to an increase of Rs 4,500 - Rs 40,000, depending upon the model and variant.