Shares of Tata Motors continued gaining streak for the second consecutive session on Monday, rising over four per cent on the Bombay Stock Exchange (BSE), in an otherwise weak market. Tata Motors was top gainer among BSE Auto and Nifty Auto indices - both of them were up one per cent.
On Friday, Tata Motors had secured an order to supply 500 units of its electric Tigor sedans from a Delhi-based mobility taxi service provider Prakriti E-Mobility Pvt Ltd. The first batch of over 160 Tigor EVs is expected to hit the road by January 2020.
This was the second time where the company had bagged a sizable order for its electric cars. In November, Tata Motors had won order to supply 500 electric cars including 400 units of its Tigor EV and 100 units of electric Nexon to Bangalore-based commercial EV fleet provider Lithium Urban Technologies.
Boosted by the development, Tata Motors share price gained 4.46 per cent to touch an intraday high of Rs 183.95 after opening tad higher at Rs 177.50 against previous closing price of Rs 176.10. The stock hit a 52-week low of Rs 106 on September 4, 2019. In contrast, the BSE Sensex was trading 86 points, or 0.21 per cent, lower at 41,488.
According to data available with BSE, 18.41 lakh shares changed hands over the counter as compared to two week average volume of 16.34 lakh shares.
On the National Stock Exchange (NSE), Tata Motors shares were trading 4.37 per cent higher at Rs 183.85 apiece. The scrip hit an intraday high of Rs 184.35against previous closing price of Rs 176.15.
In December, shares of Tata Motors have gained as much as 14.5 per cent. The rally was fuelled by recovery in sales of its British arm Jaguar Land Rover (JLR). JLR reported a consistent improvement in China sales for the fifth consecutive month in November. The rally was also attributed to victory of the Boris Johnson-led Conservative Party in the UK election - an important market for the company. Last week, Prime Minister Boris Johnson won preliminary approval for his Brexit bill, clearing the way for the UK to leave the European Union next month.
During September-December quarter, shares of Tata Motors surged as much as 54 per cent and was also the top gainer among BSE Auto and Nifty Auto indices. The rally was attributed to higher-than-expected September quarter earnings, helped by improvement in the operational performance at JLR.
Edited by Chitranjan Kumar