Defence hardware boost for Tata Motors

DALAL STREET SPIKES

Commercial vehicles maker Tata Motors witnessed volatile trading with the stock coming off from its day's high on profit booking at the fag end of the trading.

The stock gained over 1 per cent in a subdued market in the morning trades on reports that the company has obtained licence to manufacture defence hardware, vehicles from the government.

The stock touched an intra-day high of Rs 407 before closing at Rs 390.70. The counter witnessed volumes of over 26.8 lakh shares at the BSE.

The counter has recovered some of its lost ground in the last few days on bargain hunting at lower levels. From a low of Rs 366.55, the stock has now gained 8.33 per cent to Monday's close of Rs 360.75.

As per reports, Tata Motors has won a licence from the government to manufacture defence-related vehicles such as troop carriers, light armoured multi-role vehicles, special attack surveillance vehicles and high mobility vehicles.

The permit would also mean that Tata Motors can export such vehicles to friendly countries.