Tata Motors gains on bargain hunting

Shares of Tata Motors are trading higher on bargain hunting after steady recent fall.

Meanwhile, the S&P BSE Sensex was down 238.24 points or 0.62% to 38,067.17.

Tata Motors rose 3.65% to Rs 119. Earlier, the stock had dropped 7.34% to settle at Rs 115.35 on 1 October 2019 from its close of Rs 124.50 on 26 September 2019.

On the BSE, 4.90 lakh shares were traded in the counter so far compared with average daily volumes of 38.86 lakh shares in the past two weeks. The stock hit a high of Rs 119.70 and a low of Rs 112 so far during the day.

Tata Motors' sales in the domestic and international market stood at 36,376 vehicles in September 2019, compared to 69,991 units in September 2018.

Total domestic sales stood at 32,376 units in September 2019, down 50% as against 64,598 units in September 2018. Total commercial vehicle sales were 28,079 units in September 2019 compared to 51,419 units in September 2018, registering a decline of 45.4%. Total passenger vehicles sales fell 56% to 8,097 units in September 2019 from 18,429 units in September 2018.

Girish Wagh, president, commercial vehicles business unit, Tata Motors said that the company is monitoring the impact of the relief package announced by the Government, and look forward to improved demand from revival in consumption and spend in infrastructure projects.

Tata Motors is a leading global automobile manufacturer of cars, utility vehicles, buses, trucks and defense vehicles.

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