New Delhi, Sep 15 (IANS) Shares of Tata Motors – Differential Voting Rights (DVR) have surged over 45 per cent in just a month’s time and hit the 5 per cent upper circuit on Tuesday.
The surge in share prices comes amidst a host of factors ranging from buying of additional shares by the promoters to improved sales and expectations of debt reduction.
On Tuesday, its shares closed at Rs 63.60 on the BSE, higher by Rs 2.45 or 4.01 per cent from its previous close.
The recent buying of over 50 lakh shares by Tata Sons, the promoter, through the open market, has given a major boost to investor sentiment.
Improving sales of the automobile major post the lockdown has also supported the shares. Tata Motors reported a 21.6 per cent rise in its total domestic sales for last month.
Jaguar Land Rover sales also improved in August, giving further boost to the investor sentiments.
At the Annual General Meeting (AGM) last month, Tata Motors Chairman N. Chandrasekaran said that the company is aiming “near-zero” debt in the next three years and it plans to significantly deleverage its business, reduce expenses and put the leash on non-core investments.
Tata Motors’ shares too have risen over 20 per cent in the past one month. On Tuesday, its shares on the BSE settled at Rs 149, higher by 0.40 per cent from its previous close.
–IANS
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