Tata Motors up 4% on reports of job cut plans at JLR

Shares of Tata Motors Monday rose over 4 per cent on media reports that its luxury arm Jaguar Land Rover (JLR) plans to cut thousands of jobs as part of a 2.5 billion pounds turnround plan.

On the BSE, the stock advanced 4.10 per cent to close at Rs 173.75. It had climbed 5.39 per cent to intra-day high of Rs 175.90.

The scrip gained 4.52 per cent to settle at Rs 174.50 on the NSE. During the day, it was trading at a high of Rs 175.95, up 5.39 per cent.

In terms of volume, more than 23 lakh units were traded on the BSE, while over 2.8 crore shares changed hands on the NSE.

The company's stock has been rising since December 10 and has gained nearly 11 per cent during the past six trading sessions.

According to a media report, Jaguar Land Rover will announce plans to cut thousands of jobs early in the new year, as part of a 2.5 billion pounds turnround plan to revive the fortunes of Britain's largest carmaker.

JLR, which employs around 40,000 people in the UK, has been hit by sliding demand in China and costs of preparing for Britain's departure from the European Union, the report noted.

Earlier in November, the British car maker had said it is undertaking adjustment of vehicle production at its plant at Wolverhampton in central England impacting 250 temporary jobs.