India's Maruti Suzuki to hike prices for second time in two months
India's top carmaker Maruti Suzuki said on Tuesday it would increase vehicle prices by up to 30,000 rupees ($311.74) from August, its second portfolio-wide hike in about two months, citing sustained cost pressures.
Here are more details:
• The automaker had earlier announced a similar price hike of 30,000 rupees from June, while offering price protection to some entry-level cars
• The renewed Middle East conflict has disrupted global trade routes and energy markets, driving up prices of key inputs and pressing companies to pass on higher costs to customers
• With inflationary pressures now at elevated levels and the adverse cost environment persisting, the company has to pass on a portion of the increased costs to the market, Maruti said in a statement
• Company joins peer Tata Motors Passenger Vehicles, which has also raised prices twice while Mahindra & Mahindra and Hyundai Motor India have raised once each
• Shares closed 0.6% higher at 13,597 rupees reversing course from earlier in the day
($1 = 96.2325 Indian rupees)
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