Tata Motors extends gains, hits seven-month high
The stock has rallied almost 7% in past two trading sessions compared to 1% fall in benchmark Sensex post JLR November sales numbers
Tata Motors is trading higher by 2.1% at Rs 294, its highest level since May, in otherwise subdued market on the Bombay Stock Exchange. The stock opened at Rs 287 and has seen a combined 5.18 million shares changing hands on the counter so far on both the exchanges.
The stock of the country's largest automobile manufacturer has rallied almost 7% in past two trading sessions compared to around 1% fall in benchmark Sensex after Tata Motors-owned Jaguar Land Rover (JLR) said its global sales in November increased by 14% to 29,893 units.
According to analyst at Motilal Oswal Securities, JLR has multiple levers to improve its sustainable margins over the next 2-3 years.
Meanwhile, the Board of Directors of Tata Motors on Thursday announced the appointment of Cyrus P Mistry as the Chairman of the Board with effect from December 28, 2012, on the retirement of Ratan N Tata, the company said in a statement.