Tata Motors shares touched their fresh 52-week high of Rs 593.10 after the automaker secured orders worth Rs 900 crore for over 5,000 buses from various state and city transport undertakings in the first five months of FY17.
Tata Motors shares touched their fresh 52-week high of Rs 593.10 on Tuesday after the automaker secured orders worth Rs 900 crore for over 5,000 buses from various state and city transport undertakings in the first five months of FY17, indicating 80 per jump in the company’s order book compared to last year. Most of these orders will be executed during the current financial year. Later, the scrip settled 7.19 per cent up at Rs 589.35. The Bombay Stock Exchange has sought clarification from the company on the news report.
The promoters holding in the company stood at 33.01 per cent, while Institutions and Non-Institutions held 41.81 per cent and 8.33 per cent respectively.
Bulk of these contracts for Tata Motors has come from states like Uttar Pradesh, Andhra Pradesh, Uttarakhand and Himachal Pradesh. Tata Motors has also developed Electric Hybrid buses to meet the future transport needs for ‘Envisaged Smart Cities’, both of which will soon be seen on Indian roads.
Tata Motors is India’s largest automobile company. Through subsidiaries and associate companies, Tata Motors has operations in the UK, South Korea, Thailand, South Africa and Indonesia. Among them is Jaguar Land Rover, the business comprising the two iconic British brands.
Media reports also said that Jaguar Land Rover, a unit of Tata Motors, is planning to make Land Rover SUVs in India for the local market and exports. The report further added that a manufacturing plant in India will help improve company’s global footprint and efforts to take annual sales to a million units by the turn of the decade.