Tata Motors trades volatile on D-Street-heres why
Tata Motors Tamil Nadu plant: Tata Motors has signed a memorandum of understanding with the Tamil Nadu government, committing an investment of Rs 9,000 crore over five years to establish a manufacturing facility in the state that can potentially create up to 5,000 jobs.
Tata Motors share price NSE, Tata Motors Tamil Nadu plant: Tata Motors shares on Thursday, March 14, traded volatile on D-Street. The trend follows after the Tata group auto giant inked an agreement with the Tamil Nadu government to develop a vehicle manufacturing facility in the state.
The auto stock rose as much as nearly one per cent to the day's high of Rs 982 on NSE in opening deals. The counter ended 0.49 per cent lower at Rs 968.4 on NSE. The company's market capitalisation stood at Rs 3,21,823.69 crore, as per NSE.
Tata Motors Tamil Nadu plant
Tata Motors has signed a memorandum of understanding with the Tamil Nadu government, committing an investment of Rs 9,000 crore over five years to establish a manufacturing facility in the state that can potentially create up to 5,000 jobs.
Top officials of the auto major exchanged documents with government officials in the presence of Chief Minister MK Stalin in this connection.
"The MoU was exchanged in the presence of the Hon’ble Chief Minister of Tamil Nadu, Thiru. M.K. Stalin and signed between Mr. V Vishnu, IAS, Managing Director & CEO, Guidance, and Mr. PB Balaji, Group CFO, Tata Motors. The Minister for Industries Dr. TRB Rajaa, the Secretary of Industries, Investment Promotion & Commerce Department Mr. Arun Roy IAS, and senior officials of TATA Motors Group were also present," the company's filing read.
In addition, CARE Ratings has upgraded the credit rating of the company on its long-term bank facilities and non-convertible debentures from ‘CARE AA/ Stable’ to ‘CARE AA+ / Stable’.
The rating on its short-term bank facilities and commercial papers has been reaffirmed at 'CARE A1+'
What does Tata Motors do?
Part of the Tata group, Tata Motors is a global automobile manufacturer of cars, utility vehicles, pick-ups, trucks, and buses. Tata Motors is India’s market leader in commercial vehicles and ranks among the top three in the passenger vehicles market, according to the company's filing.
Catch the latest stock market updates here. For all other news related to business, politics, tech, sports and auto, visit Zeebiz.com.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.