Tata Motors rises 1.95% to Rs 122.65 at 11:03 IST, extending yesterday's 8.87% rally triggered by China easing restrictions on car purchases to support auto sales and boost the country's consumption.
Shares of Tata Motors surged 8.87% to end at Rs 120.30 yesterday, 27 August 2019. It has risen 11% in two session from its close of Rs 110.50 on 26 August 2019.China said it will ease restrictions on car purchases to support auto sales as part of its policy package announced Tuesday to boost the country's consumption.
Regions with limits on vehicle purchases should roll out measures to relax or lift the restrictions and support the purchase of new energy vehicles, according to a guideline issued by the country's State Council. The guideline aims to tap China's consumption potential and better meet the demand of Chinese consumers, the State Council said in a statement.
Revenue at luxury brand Jaguar Land Rover, which brings in most of Tata Motor's revenue, have been impacted due to a slump in China sales.
On the BSE, 18 lakh shares were traded in the counter so far compared with average daily volumes of 17 lakh shares in the past one quarter. The stock hit a high of Rs 124.05 and a low of Rs 119 so far during the day.
The stock hit a 52-week high of Rs 282 on 10 September 2018. The stock hit a 52-week low of Rs 106.20 on 22 August 2019.
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The stock underperformed the market over the past one month, sliding 12.57% compared with 0.12% fall in the Sensex. The scrip also underperformed the market in past one year, crashing 53.53% as against Sensex's 2.72% fall.
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