Shares of the country’s largest carmaker – Maruti Suzuki – surged 4.5 per cent to hit an all-time high of Rs 7,211.90 after it hiked prices for its vehicles. Maruti Suzuki hiked the prices of cars for the fourth time this year, the company had hiked the prices for the first time of the year in January and then twice in April. Maruti Suzuki on Monday announced that it will make another price hike for its vehicles as cost has been adversely affected due to increase in various input costs.
The company did not mention the quantum of the price hike, but said the hike will be cautious for different models and is planned in the second quarter of the current fiscal.
Analysts said car makers across the country are grappling with rising metal prices and shortage of semiconductors in the market.
“The cost of vehicles of the company is being adversely affected due to increase in various input costs in the last one year. Hence, it has become imperative for the company to pass on some impact of the above additional cost to the customers through price hike,” said Maruti. Suzuki said in a stock exchange filing.
As of 11:09 am, Maruti Suzuki shares were trading 4.2 per cent higher at Rs 7,190, compared with the Sensex up 0.7 per cent.