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Tata Motors Ltd said on Tuesday that it would increase prices of its commercial vehicles by up to 2% from January. While the price increase will vary as per individual model and variant, it will be applicable across the entire range of commercial vehicles, Tata Motors said in an exchange filing.

The company has been absorbing a significant portion of the in creased costs, but the steep rise in overall input costs has compelled it to pass on some proportion through this minimal price hike, it added.

Shares of Tata Motors, up 1.2% at 419 on BSE , were largely steady after the announcement.

Tata Motors may soon announce a price hike for its vehicles across models. In an interaction with new agency PTI, Tata Motors Managing Director - Passenger Vehicle and Electric Vehicles Shailesh Chandra said the company is looking to increase passenger vehicle prices from next month. The price revision, he says, will make its model range compliant with stricter emission norms which kick in from April 1, 2023.

It will also help offset the impact of commodity prices, which have remained high for the most part of the year.

Part of the USD 128 billion Tata group, Tata Motors Limited, a USD 37 billion organization, is a leading global automobile manufacturer of cars, utility vehicles, pick-ups, trucks and buses, offering extensive range of integrated, smart and e-mobility solutions.

The company is pioneering India's Electric Vehicle (EV) transition and driving the shift towards sustainable mobility solutions by preparing a tailor-made product strategy, leveraging the synergy between the Group companies and playing an active role liasoning with the Government in developing the policy framework.

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