Shares of Tata Motors surged 6 per cent to Rs 184, an over six-month high level, in intra-day trade on Friday on the back of heavy volumes. The automobile major's stock has gained 14 per cent in the past two trading days on the BSE. It was trading at its highest level since May 28, 2019.
At 10:56 am, Tata Motors had erased its early morning gain and was trading 4 per cent higher at Rs 180 on the BSE. In comparison, the S&P BSE Sensex was up 0.83 per cent at 40,916 points.
The trading volumes on the Tata Motors counter jumped 1.25 times with a combined 52 million equity shares changing hands on the counter, against a two-week average of around 40 million shares on the NSE and BSE.
According to a PTI report, British Prime Minister Boris Johnson looks set to return to 10 Downing Street with a comfortable majority and a victory for his 'Get Brexit Done' message in the General Election based on forecasts as early results poured in on Friday. CLICK HERE TO READ FULL STORY
A possible deal will end the uncertainty as Tata Motors derive a big chunk of their business from the UK. Tata Motors, which owns the UK-based Jaguar Land Rover (JLR) brands of luxury cars.
“Over the last three years, JLR has suffered from an adverse product/market mix and higher capex, resulting in negative FCFF over FY18-20. JLR has been focused on cutting capex/cost, benefits of which have started to reflect now. Finally, the mix is normalizing with a recovery in LR and China. On the other hand, India business appears to have bottomed out in 2QFY20, although a full-blown recovery may be a few quarters away,” analysts at Motilal Oswal Securiteis said in company update. The brokerage firm maintains ‘buy’ rating on the stock with target price of Rs 195 per share.
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