Tata Motors moves north on foreign brokerage upgrade

Tata Motors surged 5.36% to Rs 534.50 at 11:46 IST on BSE on reports that a foreign brokerage has upgraded the stock to outperform from neutral earlier and revised target price on the stock to Rs 720 from Rs 510.

Meanwhile, the S&P BSE Sensex was up 22.86 points or 0.08% at 27,481.85.

On BSE, so far 5.79 lakh shares were traded in the counter as against average daily volume of 5.90 lakh shares in the past two weeks. The stock hit a high of Rs 535.40 and a low of Rs 516.30 so far during the day. The stock had hit a 52-week high of Rs 598.60 on 7 September 2016. The stock had hit a 52-week low of Rs 266 on 11 February 2016. The stock had underperformed the market over the past one month till 7 November 2016, sliding 10.32% compared with 2.15% fall in the Sensex. The scrip had, however, outperformed the market in past one quarter, declining 1.75% as against Sensex's 2.21% fall.

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

Meanwhile, Tata Motors before market hours today, 8 November 2016 in a clarification with regard to news item titled "FIIs raise concerns over Tata Motors Governance" said that it is not in receipt of any such letter as is referred to in the news article and hence, has no comments to offer.

Tata Motors' consolidated net profit declined 57% to Rs 2260.40 crore on 10.1% rise in net sales to Rs 64940.12 crore in Q1 June 2016 over Q1 June 2015. The company will announce its Q2 results on 14 November 2016.

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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