Tata Motors gains on fund raising plans

Tata Motors rose 0.49% to Rs 508.35 at 12:00 IST on BSE after the company announced that the board constituted committee approved offering of non-convertible debentures on private placement basis.

The announcement was made after market hours yesterday, 28 July 2016.

Meanwhile, the BSE Sensex was down 44.13 points, or 0.16% to 28,127.81.

On BSE, so far 87,911 shares were traded in the counter, compared with an average volume of 8.9 lakh shares in the past one quarter. The stock hit a high of Rs 510.35 and a low of Rs 504.75 so far during the day. The stock hit a 52-week high of Rs 513.50 on 26 July 2016. The stock hit a 52-week low of Rs 266 on 11 February 2016. The stock had outperformed the market over the past one month till 28 July 2016, rising 14.87% compared with 6.35% rise in the Sensex. The scrip had also outperformed the market in past one quarter, advancing 23.11% as against Sensex's 10.18% rise.

The large-cap company has an equity capital of Rs 577.44 crore. Face value per share is Rs 2.

Tata Motors announced that the board constituted committee after a meeting held yesterday, 28 July 2016 approved offering of 4,000 rated, listed, unsecured, 8% coupon, redeemable, non-convertible debentures (NCDs) of face value Rs 10 lakh each, at par, aggregating upto Rs 400 crore on a private placement basis. The NCDs have a tenure of 1095 days and a deemed date of allotment is 1 August 2016. The date of maturity of NCDs is 1 August 2019.

Tata Motors' consolidated net profit jumped 201.6% to Rs 5177.06 crore on 18.8% growth in net sales to Rs 79926.12 crore in Q4 March 2016 over Q4 March 2015.

Tata Motors is a market leader in commercial vehicles in India. The company's British unit JLR sells premium luxury cars.

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