SML Isuzu hikes prices of truck, buses with effect from October 3. Details here
SML Isuzu has decided to hike the prices of its truck and buses, with effect from October 3, in a bid to tide over the surge in input cost, a regulatory filing stated on September 30. The input cost has gone up due to "implementation of the Fire Alarm and Protection System (FAPS) and also general inflation", the company informed the stock exchanges.
FAPS, which requires the installment of fire alarms and sprinkler systems, has been made mandatory for school buses by the Ministry of Road Transport and Highways (MORTH). The deadline for its adoption has been set as October 1.
Due to the adherence of the fire safety mechanism norms, the prices of school buses will climb by up to ₹2.45 lakh, SML Isuzu said. Exciting news! Mint is now on WhatsApp Channels. Subscribe today by clicking the link and stay updated with the latest financial insights!" Click here! “For all school buses subject to the implementation of compliance with new Norms ‘FAPS’ which is part of AIS 153 norms and related to safety of buses, the price increase will be in the range of ₹1.95 lakh-2.45 lakh," the exchange filing noted.
The hike price will include a GST of 28 percent, it clarified. For all other buses and trucks, the price increase is in the “range of ₹20,000 – ₹30,000", the company said, noting that the same would be inclusive of 28 percent GST.
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