Tata Motors rose 0.61% to Rs 487.15 at 9:21 IST on BSE after the company said that a special committee will meet on 15 July 2016 to issue bonds worth Rs 400 crore.
The announcement was made after market hours yesterday, 12 July 2016.
Meanwhile, the BSE Sensex was up 37.53 points, or 0.13%, to 27,845.67.
On BSE, so far 28,000 shares were traded in the counter, compared with an average volume of 8.63 lakh shares in the past one quarter. The stock hit a high of Rs 487.85 and a low of Rs 484.80 so far during the day. The stock hit a 52-week high of Rs 489.60 on 23 June 2016. The stock hit a 52-week low of Rs 266 on 11 February 2016. The stock had outperformed the market over the past one month till 12 July 2016, rising 5.91% compared with 4.40% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 22.55% as against Sensex’s 10.59% rise.
The large-cap company has an equity capital of Rs 577.44 crore. Face value per share is Rs 2.
Tata Motors announced that a duly constituted committee of the board of directors of the company will meet on 15 July 2016, for issuing rated, listed, unsecured, redeemable, non-convertible debentures (NCDs) aggregating to Rs 400 crore. This issuance is pursuant to the approval of the shareholders on 13 August 2015 and the board of directors’ resolution passed at its meeting held on 30 March 2016.
Tata Motors’ consolidated net profit jumped 201.6% to Rs 5177.06 crore on 18.8% growth in net sales to Rs 79926.12 crore in Q4 March 2016 over Q4 March 2015.
Tata Motors is a market leader in commercial vehicles in India. The company’s British unit JLR sells premium luxury cars.
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