Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Companies / Maruti hikes prices of diesel cars
BackBack

Maruti hikes prices of diesel cars

Maruti hikes prices of diesel cars

Photo: BloombergPremium

Photo: Bloomberg

New Delhi: Maruti Suzuki India Ltd, the country’s largest car maker, has increased the prices of its diesel cars by as much as 10,000.

Photo: Bloomberg

Demand for diesel cars has increased in recent months as the difference between petrol and diesel prices have widened to about 30.

Maruti Suzuki’s new Swift model, introduced in August, has a booking of at least 100,000 units. Of this, more than 85% are for the diesel variant.

“The increase is across all the diesel models in our portfolio," the spokesperson said.

Maruti’s Swift, Ritz, SX4 and Dzire models have diesel versions. The price increase on the Ritz diesel model is 2,000, and 10,000 on the other models.

Shares of the car maker fell 3% to end trading at 1,027.85 on the Bombay Stock Exchange on Monday. The benchmark Sensex fell 0.43%.

The company’s profit margin during the quarter contracted 4.2 percentage points from a year ago to 6.3% because of foreign exchange fluctuations that had an impact on its imports and royalty payments. The yen strengthened 20% against the Indian currency in the three months to 30 September, according to Shinzo Nakanishi, managing director of Maruti Suzuki.

Maruti’s closest rival Hyundai Motor India Ltd isn’t raising its prices.

A spokesperson for Hyundai said there was pressure on the company from rising raw material costs. “But we are sticking to the existing price line. No increase will happen at this moment."

A Tata Motors Ltd spokesperson said the company does not give pricing projections.

amrit.r@livemint.com

Keep up with latest news/ views on the livemint Facebook page

Follow livemint on Twitter for latest news / views / full coverage

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 14 Nov 2011, 11:23 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App