Tata Motors jumps after 500 million pound boost for JLR

Tata Motors gained 4.38% to Rs 168 at 12:23 IST on the BSE on reports Jaguar Land Rover Automotive Plc won a 500 million-pound loan guarantee from the UK government.

Meanwhile, the S&P BSE Sensex was up by 116.22 points or 0.3% to 39,012.93.

On the BSE, 11.30 lakh shares were traded in the counter so far compared with average daily volumes of 13.32 lakh shares in the past two weeks. The stock had hit a high of Rs 168.65 and a low of Rs 159.35 so far during the day. It hit a 52-week high of Rs 282 on 10 September 2018 and a 52-week low of Rs 141.9 on 8 February 2019.

Shares of Tata Motors surged 10.96% in four trading sessions to its current market price of Rs 168, from a recent closing low of Rs 151.40 on 10 July 2019.

The guarantee to JLR by the UK export finance agency was granted to support the design, manufacture and export of electric cars, Prime Minister Theresa May reportedly said after a round-table meeting of auto-industry representatives in Downing Street on Monday.

JLR, a unit of Tata Motors, will invest hundreds of millions of pounds transforming its Castle Bromwich site near Birmingham after previously committing to electrified options of all new models from 2020. The first electric vehicle off the production line will be the ninth generation of Jaguar's flagship XJ saloon, reports added.

On a consolidated basis, Tata Motors' net profit decreased 45.8% to Rs 1665.03 crore on a 3.7% decline in net sales to Rs 85676.33 crore in Q4 March 2019 over Q4 March 2018.

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

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