Tata Motors fell 1.02% to Rs 555.85 at 11:46 IST on BSE after the company denied reports indicating a likely stake-sale in auto design subsidiary.
Meanwhile, the S&P BSE Sensex was up 30.22 points or 0.11% at 28,737.97
On BSE, so far 1.34 lakh shares were traded in the counter as against average daily volume of 3.69 lakh shares in the past one quarter.
The stock hit a high of Rs 565 and a low of Rs 553.80 so far during the day. The stock had hit a record high of Rs 605.57 on 3 February 2015. The stock had hit a 52-week low of Rs 400.51 on 30 April 2014.
The stock had outperformed the market over the past one month till 8 April 2015, falling 0.54% compared with 2.52% decline in the Sensex. The scrip had also outperformed the market in past one quarter, rising 10.81% as against Sensex's 5.25% rise.
The large-cap commercial vehicle maker has equity capital of Rs 577.47 crore. Face value per share is Rs 2.
With respect to news item titled Focus Shifts To Core Areas - Tatas Look to Put Auto Design Co on the Block", Tata Motors after market hours yesterday, 8 April 2015 clarified that Tata Motors along with its subsidiary currently holds 72.32% stake in Tata Technologies (TTL) and 15.47% stake is held by rest of the Tata Group. Tata Motors said it continually explores opportunities for optimising its capital deployment through various measures, such as improving operating cash flows, better working capital management, encashment of non-core assets, value realisation from some part of its investments including in TTL, as well as capital raising initiatives like the current rights offering. Tata Motors further said that it considers TTL as strategically important for its business. There is no intention of the company to sell majority/strategic stake in TTL and reports of divestment of the 90% stake are incorrect, Tata Motors said.
Tata Motors' consolidated net profit fell 25.5% to Rs 3580.72 crore on 9.7% rise in total income to Rs 70195.23 crore in Q3 December 2014 over Q3 December 2013.
Tata Motors is India's largest automobile company. Through subsidiaries and associate companies, Tata Motors has operations in the UK, South Korea, Thailand, South Africa and Indonesia.
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