Following the surge in the stock, the company's market valuation went up by Rs 5,845.3 crore.(Photo: Reuters)
Shares of Tata Motors rose nearly six per cent on Thursday as the company-owned Jaguar Land Rover plans to invest 450 million pound (over Rs 4,500 crore) to double the size of its Midland-based Engine Manufacturing Centre(EMC)in Britain.
The stock climbed 5.51 per cent to settle at Rs 423.15 on BSE. During the day, it surged 5.95 per cent to Rs 424.95.
At NSE, shares of the company rose 5.84 per cent to settle at Rs 424.40.
Following the surge in the stock, the company's market valuation went up by Rs 5,845.3 crore to Rs 1,21,636.30 crore.
The stock was the top gainer on Sensex and Nifty indices.
Stock markets were closed on Wednesday for a local holiday.
The 450 million pound investment programme at EMC is a clear signal of the company's long-term commitment to Britain, JLR had said in a regulatory filing on Tuesday.
"The EMC is a strategically significant facility for JLR. The decision to expand our operations at the site provides a clear signal of our commitment to meeting customer demand for cleaner and more efficient engines, whilst developing the skills and capability that Britain needs if it is to remain globally competitive", JLR CEO Ralf Speth said.
The move would create several hundred of new jobs at the facility which would lead to JLR's global workforce touch 40,000 by next year.