Indian automaker Tata Motors Ltd said on Tuesday it would increase prices of its commercial vehicles by up to 2% from January to partly offset a steep rise in input costs.

The price increase will vary across models and variants, but will be applicable across all commercial vehicles, Tata Motors said in an exchange filing.

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

Shares of Tata Motors, up 1.2% at 419.3 rupees, were largely steady after the announcement.

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