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.

S & P Global Ratings has affirmed B ratings on Tata Motors and revised outlook to stable on improving underlying demand.

S & P said the company's sales for the fourth quarter of fiscal 2021 indicate a material improvement in underlying demand for both commercial vehicles and passenger cars.

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.

Shares of Tata Motors gained over 3 per cent to Rs 137.35 apiece on the BSE on Tuesday, a day after the auto major reported 27 per cent growth in its total domestic sales to 49,669 units in October.

The company had sold 39,152 vehicles in October 2019. Passenger vehicle sales during the previous month surged 79 per cent to 23,617 cars as compared to 13,169 units in October 2019.

Shares of Tata Group companies were trading mixed in the morning deals on Wednesday, a day after Shapoorji Pallonji Group, owned by the billionaire Mistry family, told the Supreme Court (SC) that it would exit Tata Sons, provided an early, fair, and equitable solution was reached.

At 09:25 AM, Tata Motors was trading over 1 per cent higher at Rs 134.55, Tata Consumer Products was up over 0.5 per cent at Rs 507, Tata Communications traded nearly 2 per cent higher while Tata Metaliks quoted around 1.4 per cent higher at Rs 512 on the BSE. Tata Elxsi was up 1.5 per cent and Tata Coffee traded around 1 per cent higher.

Led by brisk growth in its passenger vehicle (PV) models, Tata Motors' total domestic sales rose 21.6 per cent to 35,420 units in August over the year-ago period.

Albeit on a low base, dispatches of cars and utility vehicles at the firm jumped 154 per cent in August over the year-ago period.

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