The board of Tata Motors has approved a proposal to list the companys global depositary receipts (GDRs) on NYSE in the form of American depository receipts (ADRs).
Tata Motors executive director (finance) Praveen Kadle, while announcing the companys first quarter results, said, The company is not issuing new shares or raising new capital as part of the NYSE listing. This is intended to be a Level II listing without any concurrent fund raising and is expected to be completed later this fiscal.
In Talks With Brilliance China For Alliance
Mumbai, July 28: In a bid to foray into the Chinese market, Tata Motors is in talks with Chinese automotive manufacturer Brilliance China Automotive Holdings for a strategic alliance.
Tata Motors has registered a 123 per cent increase in net profit at Rs 223.4 crore for the first quarter ended June 30, 2004 as against Rs 100.3 crore during the corresponding quarter previous fiscal. Net sales has increased from Rs 2,502.4 crore to Rs 3,574.1 crore during the quarter under review, registering a growth of 43 per cent.
Said Tata Motors executive director (commercial vehicles business unit) Ravi Kant, The company continues its thrust on cost reduction and other initiatives to reduce the impact of such cost increases. The company outperformed the industry growth with its thrust on new product introductions, and thus gaining market shares in both commercial vehicle as well as passenger car segments. Tata Motors has achieved a 41 per cent growth in sales volumes at 84,918 units during the first quarter. Domestic sales of commercial vehicles were 39,877 vehicles, an increase of 50 per cent and market share improved by 59.6 per cent from 57.1 per cent.