You are here: Home » Markets » News
Business Standard

Tata Motors DVR surges 11% after Tata Sons buys additional shares

As of June 30, 2020, Tata Sons held 5.26 per cent stake in Tata Motors DVR

Tata Motors DVR | Tata Motors | Buzzing stocks

SI Reporter  |  Mumbai 

tata motors
In the past month, the stock of Tata Motors DVR has outperformed the market by surging 52 per cent

Shares of Differential Voting Rights (DVRs) rallied 11 per cent to Rs 62.50 on the National Stock Exchange (NSE) on Monday after its promoter Tata Sons acquired more than 5 million shares, worth Rs 30 crore, via open market on Friday.

On September 4, Tata Sons purchased 5.3 million shares, representing 1.04 per cent stake of DVR, at price of Rs 56.02 per share on the NSE via bulk deal, the exchange data shows. The names of the sellers were not ascertained immediately.

As of June 30, 2020, Tata Sons held 5.26 per cent stake in DVR, the shareholding pattern data shows.

In the past month, the stock of has outperformed the market by surging 52 per cent, as compared to 1.5 per cent rise in the Nifty 50 index.

At 09:30 am, the stock was trading 7 per cent higher at Rs 60.30, against 0.15 per cent decline in the benchmark index. A combined 10.6 million shares were changing hands on the counter on the NSE and BSE, so far.

Meanwhile, shares of Tata Motors were up 1 per cent at Rs 149, after hitting high of Rs 152 on the NSE in intra-day trade today.

Tata Motors chairman N Chandrasekaran, at company’s 75th Annual General Meeting (AGM) on August 25, said that the company is eyeing "near-zero" debt in the next three years as it looks to significantly deleverage its business, reduce expenses and put the leash on non-core investments.

“Currently the TML group has a net automotive debt of Rs48000 crore and currently we are deleveraging this business substantially. The target is to bring it to near zero debt levels in the next three years. Towards this the company has already taken steps. This includes making the company free cash flow positive by FY22,” Chandra told shareholders at the company’s AGM. The TML group, he said, will also look to unlock investment in various non-core businesses.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Mon, September 07 2020. 09:46 IST