BackTata Motors gains 8.4% on short-covering
Tata Motors differential voting rights shares rose 6.1% to Rs231.65
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Mumbai: Tata Motors Ltd on Monday rose as much as 8.42% to ₹ 322, the biggest gain since 10 September 2013, on short-covering.
The stock has traded lower for eight out of the last 13 trading sessions before Monday. Between 10 September and 1 October, it had shed 20%. Since 27 January, the stock, which hit a record of ₹ 598.68 then, has fallen 50.4%. Year-to-date, it is down 39.49%.
Tata Motors Ltd differential voting rights shares rose 6.1% to ₹ 231.65.
September sales of Jaguar Land Rover rose 89% to 5,855 units, while its US sales for the month rose 61% to 6,850 units, Bloomberg reported.
The Economic Times reported that PSA Peugeot Citroen and Tata Motors are in talks to form a partnership that might result in Tata producing and distributing the French giant’s cars in the Indian market.
On 1 October, the company said its sales of passenger and commercial vehicles (including exports) fell by 2% to 45,215 units in September. The domestic sale of Tata commercial and passenger vehicles fell 0.23% to 40,813 units.
At 10.02am, Tata Motors was trading at ₹ 316.20 on BSE, up 6.5% from its previous close, while India’s benchmark Sensex index rose 1.45% to 26,602.18 points.
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