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.

Sales of Tata Nano, billed to drive the company’s growth in the current decade, are set to plummet to a six-year low in the current financial year.

Sales of the car at 13,333 units till January this fiscal are less than a quarter of wholesale volumes of 53,848 units registered two years back and less than fifth of peak sales of 74,527 units seen in 2011-12.

Tata Motors today reported 10.69 per cent increase in total sales at 44,225 units in February, as against 39,951 units in the same month last year.

Domestic sales of Tata commercial and passenger vehicles grew by 14.15 per cent at 40,314 units as compared to 35,315 units in February 2014, Tata Motors said in a BSE filing.

Weighed down by a staggering Rs 2,123-crore loss in the December quarter, Tata Motors, India’s largest automobile manufacturer, is offering a voluntary retirement scheme (VRS) to its employees to “enhance competitiveness”.

The scheme, the second in 13 months, has been extended to all categories of employees, including workmen and managerial cadres, against only to ‘white-collar’ employees the last time.

Mumbai: Tata group controlled Tata Motors Ltd, India’s largest auto maker by sales revenue, on Friday announced slew of initiatives including Voluntary Retirement Scheme (VRS) to enhance the company’s competitiveness.

The VRS is presently intended for the workmen, said the company in a release sent to BSE.

Ratan Tata, former chairman of Tata Sons, has confirmed Jaguar Land Rover, luxury vehicle arm of Tata Motors, is looking for a factory site in North America.

He said so to Automotive News, while a guest at the South Carolina Automotive Summit. Earlier this month, JLR executives met the governor of Georgia in the US to discuss setting up a new factory in the state, a local newspaper had reported.

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