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Telco hikes truck prices

India's largest truck maker Tata Engineering and Locomotive Company Ltd, has hiked prices of its trucks citing higher costs, a business daily said on Friday.

The increase works out to about one per cent, the daily quoted Ravi Kant, head of truck sales at Telco, who added it had held prices for a long time despite rising costs.

Prices of light trucks have been increased by Rs 9500 per tonne, while medium trucks will cost Rs 16,000 more. Heavy truck prices have been raised by Rs 25,000, it said.

Company officials could not immediately reached for comment.

Telco is a part of the Tata Group, which has combined sales Rs 360 billion. The company also makes cars and utility vehicles.

The paper said the increase, which comes in the backdrop of falling sales and sluggish industrial growth, will come into effect within a week.

Telco sold 55,511 medium and heavy trucks in the year ended March 31, 24.76 per cent lower from the previous year. Light truck sales rose 4.6 per cent to 39,553 units during the same period.

Growth in April has also not improved, the paper said.

India's industrial growth slowed to 5.1 per cent in April-February 2000/01, from 6.5 per cent in the previous year.

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