Commercial vehicle major Ashok Leyland, the flagship company of Hinduja Group, announced a three per cent increase in the prices of its medium and heavy duty vehicle models. This will translate into a rise of Rs 20,000-Rs 50,000 in the cost of the vehicles.
The company said the price rise was necessary to recover the costs due to an increase in the price of raw materials like steel, tyres etc. For the quarter ended March 31, the company’s consumption of raw materials and movement work in progress rose 80 per cent to Rs 1,905 crore from Rs 577.96 crore.
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