Tata Motors shares surge 10%; top gainer on Sensex, Nifty
Mumbai: Shares of Tata Motors on Tuesday rose by nearly 10 percent as its unit Jaguar Land Rover reported 28 percent increase in global sales in August this year at 27,852 units.
Tata Motors' scrip climbed 9.88 percent to close the day at Rs 349.20 on the BSE. In intra-day, the stock rose by 10.76 percent to Rs 352 -- its 52-week high.
At the NSE, the stock ended the day with a gain of 9.82 percent at Rs 349.
Buoyed by the upmove in the stock, the market value of the auto major jumped Rs 7,105 crore to Rs 94,077 crore.
Tata Motors scrip was the best performer among the blue- chips on both the benchmark indices-- Sensex and Nifty.
"Tata Motors gained close to 10 percent for the day. The stock zoomed on back of strong sales numbers from Jaguar and Land Rover. JLR has announced a major investment boost of 1.5 billion pounds to introduce technologically advanced aluminium vehicle architecture in a new range of models," said Milan Bavishi, Head Research, Inventure Growth and Securities.
August sales were strong for Jaguar Land Rover in the China Region, up 43 percent, North America up 40 percent, the UK up 36 percent, Asia Pacific up 35 percent and other overseas markets, higher 18 percent, the company said in a statement.
Meanwhile, Tata Motors-owned JLR has announced a major investment boost of 1.5 billion pounds to introduce a technologically advanced aluminium vehicle architecture in a new range of models.