Tata Motors' scrip up over 1% after sales rise in Jan

Shares of Tata Motors rose by over 1 per cent today after the auto major reported a 5.19 per cent increase in total sales in January.
Besides, ratings agency Moody's said that the company's Rs 7,500 crore rights issue is credit positive as it will reduce debt and fund business growth.
Tata Motors' stock gained 1.26 per cent to end the day at Rs 592.30 on the BSE. During the day, it climbed 1.83 per cent to Rs 595.70.
On the NSE, the scrip settled with a gain of 1.21 per cent at Rs 592.25.
In terms of volume, 2.73 lakh shares of the company changed hands at the BSE and more than 43 lakh shares were traded at the NSE during the day.

Tata Motors today reported a 5.19 per cent increase in total sales at 42,582 units in January, as against 40,481 units in the same month last year.

Domestic sales of Tata commercial and passenger vehicles grew by 5.35 per cent at 38,621 units as compared to 36,657 units in January 2014, Tata Motors said in a BSE filing.
Sales of passenger vehicles in the domestic market in January stood at 13,047 units, up 18.89 per cent from 10,974 units in January 2014.
Meanwhile, on the proposed rights issues, Moody's Vice President - Senior Credit Officer, Alan Greene said: "The reduced leverage positions TML (Tata Motors Ltd) firmly within its rating, and could pave the way for upward rating pressure on the back of a clear turnaround in its Indian business," .

In the broader market, the BSE benchmark Sensex ended the day 60.68 points lower at 29,122.27.