Homegrown auto major Tata Motors on Monday said it has partnered with Bank of Maharashtra to offer retail financing scheme for its passenger vehicles.
Under the partnership, Bank of Maharashtra will provide loans to Tata Motors' customers at an interest rate starting from as low as 7.15 per cent linked with Repo Linked Lending Rate (RLLR), subject to certain conditions, the company said in a statement.
Shares of Tata Motors gained 3 per cent to Rs 355.50 on the BSE in the intra-day trade on Tuesday on report that the company would undertake a price increase in its passenger vehicles (PV) portfolio to pass on some of the increase in input costs of materials, such as steel and precious metals, to customers.
The quantum of the hike, however, has not yet been disclosed. The stock of the Tata Group commercial vehicles' company was trading close to its 52-week high of Rs 360.65 touched on June 15, 2021.
Tata Motors on Monday said its board has approved a proposal to raise up to Rs 500 crore through the issue of securities on a private placement basis.
A meeting of the duly authorised committee has approved subscription, on a private placement basis, up to 5,000 rated, listed, unsecured, redeemable, non-convertible debentures (NCDs) of face value Rs 10 lakh each, aggregating up to Rs 500 crore, the auto major said in a regulatory filing.
Shares of Tata Motors hit an over three-year high of Rs 358.25, up 1.5 per cent, on the BSE in intra-day trade on Wednesday on the back of heavy volumes. The stock of the Tata Group commercial vehicles company was trading higher for the sixth straight day, having rallied 13 per cent during the same period. It surpassed its previous high of Rs 357 touched on March 3, 2021, and was trading at its highest level since April 2018.
Tata Motors on Monday said its shareholders have approved hiving off its passenger vehicles business into a separate entity.
On March 5, the shareholders of the company voted to consider and approve the transfer of the passenger vehicles business unit to TML Business Analytics Services Ltd as a going concern on a slump sale basis for a lump sum consideration.
Shares of Tata Motors rallied 11 per cent to Rs 311 on the BSE in Tuesday's intra-day trade after the company retained positive momentum and reported a 15 per cent month-on-month (MoM) and 94 per cent year-on-year (YoY) growth in domestic passenger vehicles (PV) sales at 26,978 units during the month January 2021.
The stock of Tata group commercial vehicles (CVs) company was trading at its highest level since June 2018.
Shares of Tata Motors rose 4 per cent to 10-month high of Rs 186.75 on the BSE on Wednesday after the company reported 26 per cent year on year (YoY) growth in total domestic sales at 47,859 units in the month of November 2020. It had sold total 38,057 units in domestic market.
The stock of commercial vehicles company was trading at its highest level since January 31, 2020. In past one month, Tata Motors has outperformed the market by surging 40 per cent, against 12 per cent rise in the S&P BSE Sensex.
Shares of automobiles companies were in focus at the bourses on Friday ahead of the November month sales numbers, which release next week. The stock market will remain closed on account of Gurunanak Jayanti on Monday, November 30.
At 11:00 am, the S&P BSE Auto index, the top gainer among sectoral indices, was up nearly 2 per cent, as compared to 0.19 per cent decline in the S&P BSE Sensex.
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