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Tata Motors share price zooms toward Rs 100 mark, closes 20% higher

Share price of Tata Motors gained 20% to Rs 93.75 compared to the previous close of Rs 78.15 on BSE

twitter-logoBusinessToday.In | May 1, 2020 | Updated 09:26 IST
Why Tata Motors share price rose 20% in trade today
Tata Motors share price has gained 40% in last one month. However, it has lost 57.4% value in last one year and fallen 50.7% since the beginning of this year

Tata Motors share was the top gainer on Nifty in Thursday's trade amid report that its UK arm Jaguar Land Rover has restored three-fourth of its budgeted production in China. Share price of Tata Motors gained 20% to Rs 93.75 compared to the previous close of Rs 78.15 on BSE. The stock has gained 25.56% in four days. Tata Motors stock opened with a gain of 10% at Rs 85.95 today. It closed 19.13% higher at Rs 93.10 on BSE. On Nifty, the stock ended 19.96% higher at Rs 93.75.

The large cap stock stands higher than 5 day and 20 day moving averages but lower than 50 day, 100 day and 200 day moving averages. Market capitalisation of Tata Motors rose to Rs 33,492 crore in trade today.

Total 77.19  lakh shares of the firm changed hands amounting to turnover of Rs 69.12 crore on BSE.

The stock has lost 56.54% in last one year and fallen 49.7% since the beginning of this year. However, it has gained 36% in last one month.

BSE auto index too closed 5.96% or 750 points higehr at 13,349 today. Nifty Auto index gained 6.45% or 357 points to 5,901 in trade today.

According to a news report in Mint, Chery Jaguar Land Rover Automotive Co Ltd or CJLR's manufacturing plant in Changshu, which gradually resumed operations from third week of February, has restored its production capacity to 75% of pre-covid-19 levels.

CJLR is a 50:50 joint venture between China's Chery Automobile Company Ltd and Tata Motors' subsidiary JLR. JLR also exports cars to China.

JLR plans to gradually start production from May 18 in other plants, starting with its Solihull (UK) plant and other facilities in Slovakia and Austria.

In a related development, the Indian auto firm plans to issue non-convertible debentures (NCDs) worth Rs 1,000 crore. Tata Motors said NCDs would be issued in three tranches and a special committee of the company's board is scheduled to convene on May 5.

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By Aseem Thapliyal

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