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Business News/ Markets / Stock Markets/  Muhurat Trading: Shares of Tata Motors surges 18%
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Muhurat Trading: Shares of Tata Motors surges 18%

Tata Motors on Friday announced that its board of directors has approved a preferential allotment of ordinary shares and warrants to Tata Sons
  • The company reported a loss which narrowed to 216.6 crore from ₹1049 crore a year ago
  • FILE PHOTO: A Tata Tigor car is pictured at the assembly line inside the Tata Motors car plant in Sanand, on the outskirts of Ahmedabad (REUTERS)Premium
    FILE PHOTO: A Tata Tigor car is pictured at the assembly line inside the Tata Motors car plant in Sanand, on the outskirts of Ahmedabad (REUTERS)

    Shares of Tata Motors Ltd on Sunday surged 18% after the company got 6500 crore boost from its promoter Tata Sons. Smaller than expected loss for the quarter also boosted the investor sentiment.

    At 6.30 pm, Tata Motors was trading at 147 on BSE, up 16% from its previous close.

    Tata Motors on Friday announced that its board of directors has approved a preferential allotment of ordinary shares and warrants to Tata Sons for an amount of 6,500 crore, subject to shareholder approval.

    The company said funds will be used to pare debts.

    TML’s total (automotive) debt stands at around 50,000 crore, wherein the standalone debt is about 20,000 crore.

    The company reported a loss which narrowed to 216.6 crore from 1049 crore a year ago. Revenue fell 9% to 65,432 crore.

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    Published: 27 Oct 2019, 07:02 PM IST
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