Tata Motors has moved higher by 1.2% at Rs 251, bouncing back more than 3% from intra-day’s low after Calcutta High Court (HC) striked down Singur Land Rehabilitation and Development Act saying that the act “Unconstitutional and Void”.
The act was passed in the Assembly in June 2011 to take over the possession of land at Singur from Tata Motors.
“The state government allegedly evicted Tata Motors from Singur by applying the Singur Act on June 21 last year, aiming to return the land to unwilling farmers. Tata Motors challenged the constitutional validity of the act in the high court,” the report suggests.
Meanwhile, Tata Sons, the promoter of the company has acquired additional 300,000 shares worth of Rs 7.36 crore from open market transaction on the NSE and BSE on June 20, India’s largest truck-maker said in a filing.
The stock opened at Rs 245 and hit a low of Rs 243 on the National Stock Exchange. A combined 5.41 million shares have changed hands on the counter in early noon deals.