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| Tata Motors shoots up 25% from low after raising Rs 1,250 cr |
| Press Trust of India/ BS Reporter / Mumbai May 20, 2009, 16:13 IST |
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The stock zoomed to a high of Rs 375, up 25% from the day's low. It finally ended 19% higher at Rs 364. The counter witnessed comparatively heavy trading volumes of 2.6 million as against its two-week daily traded average of 753,268 shares.
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(Updated at 1154 hrs)
Tata Motors today surged as much as 14 per cent in early trade on the Bombay Stock Exchange after news surfaced that the company has raised Rs 1,250 crore by selling debentures to Life Insurance Corporation of India.
Shares of the company opened on a firm note at Rs 305.85, then gained momentum and witnessed an intra-day high of Rs 350.40, up 14.70 per cent from its previous day's closing price.
Similarly, on the National Stock Exchange Tata Motors opened at Rs 304.35, then rose to its day's high of Rs 346.45, a jump of 13.33 per cent from its last close.
The scrip was later trading at Rs 350.40, up 14.70 per cent on the BSE and at Rs 344.60, up 12.72 per cent on the NSE.
On the volume front, good movement was seen as over 24 lakh shares exchanged hands on both the bourses.
According to media reports, Tata Motors has raised Rs 1,250 crore through issue of non-convertible debentures to Life Insurance Corporation of India.
The debt is reportedly part of a larger fund-raising programme to refinance the bridge loan taken at the time of the Jaguar Land Rover acquisition.
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