Tata Motors has surged 3% to Rs 790, after its promoter – Tata Sons upped its stake in the company by acquiring four million shares of the former from Daimler for Rs 300 crore, thus raising its stake in the commercial and passenger vehicle company by nearly one per cent.
Tata Sons is the largest shareholder and holds 27.13% stake, out of 38.08% total promoter stake held by the Tata group as on December 2009.
The stock opened at Rs 780 and touched high of Rs 793 in intraday deals. Around 544,000 shares changed hands on the counter so far on the BSE.
Daimler, on Tuesday, sold its entire 5.34% stake or 25.59 million shares in the company for around Rs 1,924 crore, according to information available with the BSE.
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