 "Tata Motors surges after block deals, top gainer on Sensex, Nifty")
Tata Motors has rallied 7% to Rs 486 on the National Stock Exchange (NSE) in early morning trade after a more than 50 million shares of the company changed hands via block deals.
At 09:15 am; around 50.46 million equity shares representing 1.75% of total equity of Tata Motors have changed hands on the NSE, the exchange data shows. LINK
The name of the buyers and sellers were not ascertained immediately.
According to media reports, Morgan Stanley will buy 50 million shares (1.73% stake) in Tata Motors on behalf of an undisclosed client on Tuesday.
The shares will be bought at an upper cap of Rs 499.8 per share, nearly a 10 per cent premium to Monday’s closing price on BSE of Rs 454.55. At the top end, the deal size translates into Rs 2,500 crore, the Business Standard report suggests. CLICK HERE TO READ FULL REPORT
On the BSE, the stock surged 5% to Rs 477 in intra-day trade so far.
At 09:19 am; it was up 3% at Rs 469 on the BSE and NSE, against a marginal 0.2% gain in the benchmark indices. A combined 52.92 million shares changed hands on the counter on both the exchanges.
At 09:15 am; around 50.46 million equity shares representing 1.75% of total equity of Tata Motors have changed hands on the NSE, the exchange data shows. LINK
The name of the buyers and sellers were not ascertained immediately.
According to media reports, Morgan Stanley will buy 50 million shares (1.73% stake) in Tata Motors on behalf of an undisclosed client on Tuesday.
The shares will be bought at an upper cap of Rs 499.8 per share, nearly a 10 per cent premium to Monday’s closing price on BSE of Rs 454.55. At the top end, the deal size translates into Rs 2,500 crore, the Business Standard report suggests. CLICK HERE TO READ FULL REPORT
On the BSE, the stock surged 5% to Rs 477 in intra-day trade so far.
At 09:19 am; it was up 3% at Rs 469 on the BSE and NSE, against a marginal 0.2% gain in the benchmark indices. A combined 52.92 million shares changed hands on the counter on both the exchanges.
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