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The company said it has begun intimating customers, who had retained their booking but are not among first one lakh, that their cars are coming up for delivery albeit at higher prices
Tata Motors today said it will raise the prices of its small car Nano by up to 4% after it completes the delivery to first one lakh customers, reports PTI.
The company said it has begun intimating customers, who had retained their booking but are not among first one lakh, that their cars are coming up for delivery albeit at higher prices.
"Despite a steep increase in input prices, their (retainee-customers) Tata Nanos are being priced only 3%-4% higher, depending on the model, than the price announced at launch," the company said in a statement. The company, however, did not specify when the new price will be effective from.
Tata Motors had said that the first one lakh customers are price-protected and they would get their cars at the announced price range of Rs1.23 lakh-Rs1.72 (ex-showroom, Delhi).
Increasing input costs, especially that of steel and other commodities like rubber, had put pressure on margins.
The company said with its 2,50,000 units per year Sanand plant becoming operational ahead of schedule, the company will ramp up production of Tata Nano.
"This is the final step, before the company opens up sales of the Tata Nano," it added.
As the Sanand plant in Gujarat achieves optimum capacity output levels, the company has started intimating retainee customers that they can get the cars delivered immediately on completion of all the necessary formalities, a company spokesperson said.
As on June 2010, the company has delivered 45,219 of the one-lakh Nanos allotted in the first batch. The list of retainee-customers is another 55,000.
If the Sensex falls below 17,850, a new downturn may start
The market witnessed a range-bound session on the last trading day of the week. The Sensex was at 17,955, up 46 points (0.2%) at the end of the day and the Nifty closed at 5,393, up 15 points (0.3%). The indices were volatile in the early part of the trading session. They regained momentum after some Asian stocks rose towards the day's finish. The domestic gains were supported by IT, technology and banking stocks.
Asian markets were down on weak US economic data. Key benchmark indices in Hong Kong, Taiwan, South Korea and Japan were down by 0.03% to 2.8%. China's Shanghai Composite ended unchanged for the day. Markets in Indonesia and Singapore were up by 0.07% to 0.34%.
US stocks ended flat on Thursday. The Dow was down 7.4 points (0.07%) to end at 10,359.3. The S&P 500 added 1.31 points (0.1%) to 1,096.4. The Nasdaq was down 0.03% to 2,249. An unexpected decline in regional factory activity and a third straight month of decline in producer prices raised concerns about deflation, dampening enthusiasm for a strong start of the earnings season that had lifted stocks off recent lows.
Closer home, the Empowered Group of Ministers (EGoM) on food, which is expected to meet next week, will decide on considering the imposition of import duty on wheat and partial lifting of the two-year ban on export of non-basmati rice.
Cement prices are likely to soften on impending elections in the east and the end of the Commonwealth Games-driven demand in the north. Presently, major impact has been witnessed in the southern region, due to huge capacities commissioned and lack of demand.
The stock market regulator Securities and Exchange Board of India (SEBI) after market hours on Thursday, allowed physical settlement of both stock options and stock futures. At present, only cash settlement of derivatives is allowed. SEBI said that stock exchanges will also have flexibility to offer a combination of cash settlement for stock options and physical settlement for stock or physical settlement for stock options and cash settlement for stock futures.
Foreign institutional investors were net buyers of stocks worth Rs365 crore on Thursday. Domestic institutional investors were net sellers of Rs588 crore on the same day.
IL&FS Transportation Networks Ltd (up 1.9%) said that the Concession Agreement for four-laning of the Jorabat-Shillong (Barapani) section has been signed between NHAI and Jorabat Shillong Expressway Ltd, the special purpose vehicle incorporated by the company for the project.
McNally Bharat Engineering Company Ltd (down 1%) has received orders for design, supply, erection, commissioning & testing of two stacker-cum-reclaimers from MARG Ltd for a total all-inclusive price of Rs39.03 crore.
The board of Supreme Industries Ltd (down 1.6%) has approved stock-split/sub-division of equity shares of the present 2,54,05,374 shares of Rs10 each into 12,70,26,870 shares of Rs2 each.