Maruti gains post announcing plans to hike prices in 2021

The shares of Maruti Suzuki were trading up by almost 1 per cent as the markets were trading in the red on Thursday after the auto major decided to increase prices across its model range from January 2021.

The company stated in a press release to BSE that the cost of company vehicles has been adversely impacted due to the various input cost and as a result, it was imperative for it to pass on some of the impacts to the customer. It went on to state that the same will be achieved through a price increase in January 2021, which will vary for its different models.

Post-festive car sales have not been as bad as expected with pent-up demand playing a positive role, but long and steady demand in the auto industry will depend on the economy and developments around the COVID-19 vaccine. The company clocked an upward rise in the sales of November with a 6 per cent YoY growth.

At 3.05 pm on Thursday, the stock of Maruti Suzuki was trading at Rs 7,737.95 per share, up by 0.39 per cent or Rs 30.20 per share on BSE, against a 0.10 per cent decline in the benchmark index. The 52-week high was recorded at Rs 8,006.95 and the 52-week low was Rs 4,002.00 on BSE.