Tata Motors has moved higher by 2% at Rs 245 after Ratan Tata, company’s chairman said that the Tata Motors is turning to China to buy auto parts unavailable in India as it seeks to offer vehicles with automatic transmission at home.
"We will now be sourcing sub-assemblies from China, for Indian cars. We will buy things like automatic transmission, things which India doesn't yet produce...at prices that are unbelievable which will help us," Tata Group chairman Ratan Tata said in an interview telecast on Bloomberg UTV.
Meanwhile, global credit rating agency S&P on Monday, 9 July 2012, said it has raised its long-term corporate credit rating on Tata Motors and given it a positive outlook.
The stock opened at Rs 242 and hit a high of Rs 246 on the National Stock Exchange. A combined 5.45 million shares have changed hands on the counter so far.