The broader markets outperformed the benchmark indices even as telecom shares rallied despite industry regulator announcing ceiling on tariffs on roaming.

At 2:45PM, the 30-share Sensex was down 42 points at 28,884 and the 50-share Nifty slipped 13 points at 8,766.

Shares of Tata Motors have moved higher by 2% at Rs 561 on the National Stock Exchange (NSE) ahead of rights issue.

The stock will turn ex-rights on Monday, April 6, 2015, in the ratio of 6:109 i.e. six shares will be allotted for every 109 shares held.

Mumbai: Tata Motors Ltd has approached investment banks to underwrite the company’s Rs.7,500 crore rights issue to ensure that stocks are not left unsold in case there is lack of demand from shareholders because of volatile market conditions, according to three bankers who are in discussions with the company.

“There are eight investment banks that have been hired for the rights issue and all of them are underwriting it. Apart from the promoter’s portion, the rest of it will be underwritten by us,” said one of the bankers cited above, who requested anonymity because of the confidentiality of the matter.

Mumbai, March 25: Tata Motors has fixed the price of ordinary shares at Rs 450 apiece and Class A shares at Rs 271 each for its Rs 7,500-crore rights issue, one of the largest in the domestic capital markets.

In its filing with the BSE today, the company said it would offer six shares for every 109 shares of both ordinary and Class A shares.

Tata Motors, India's biggest automaker, has secured board of directors approval for a Rs 7,500 crore rights issue to fund its on-going and future activities.

The Mumbai-based company will issue little over 150 million ordinary shares at Rs 450 per share.

Shares of Tata Motors were trading 1% higher at Rs 552 on the National Stock Exchange (NSE) after the company said its board will meet on Wednesday to consider and approve details of the proposed Rs 7,500 crore rights issue, including fixing the issue price.

A meeting of the board of directors of the company will be held on March 25 to consider and approve the detailed terms of the proposed rights issue aggregating up to Rs 7,500 crore including the issue price and rights entitlement ratio, and the Book closure for issuance of the Securities to the existing shareholders of the company, Tata Motors said in a filing to the BSE.

The Tata Motors stock fell two per cent in trade on Wednesday, on worry about a fall in car sales of its Europe-based subsidiary, Jaguar Land Rover (JLR). Sales for JLR are down six per cent year-on-year, largely due to phasing out of the Range Rover Freelander (to be replaced by the Discovery Sport) and no exports of the Evoque to China as the company starts to manufacture the model locally.

However, excluding these two, sales were up six per cent for the month. Adjustments in the production line for changing models have influenced JLR sales in the past two months. While the share of China in the overall JLR volume pie was down to 19 per cent in February from 27 per cent year-to-date, on local manufacture and an unfavourable base, analysts expect it to gradually increase again. IDBI Capital analysts say the benefit of local production in that country will help the company be competitive in case of a slowdown.

Tata Motors shares may fall on lower-than-expected sales at key unit Jaguar Land Rover (JLR) in February.

JLR’s Feb 15 wholesales came in at 38,541 units, down 1.2 pct yoy; below estimates of about 42,200 units – Analysts.

NEW DELHI: Ranjit Yadav, the ex-Samsung honcho hired by Tata Motors in 2012 to turn around its ailing car business, is understood to have put in his papers within three years of his joining.

Yadav, who had been appointed as the president of the car division in September 2012, was recently side-lined as the company brought in Maruti Suzuki veteran Mayank Pareek to head the domestic unit.

Buoyed by recovery in the medium and heavy segments and an uptick in the economy, Tata Motors expects about 10-15 per cent growth in its commercial vehicles sales during next fiscal.

With the Budget spelling out measures to boost infrastructure development, the company hopes that even the light commercial vehicles would return to growth path after a prolonged sales slump.

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