ADR plan traction for Tata Motors

DALAL STREET SPIKES

The share price of Tata Motors looked up 4.34 per cent on Friday on the company's announcement that it expects to list its American depository receipts (ADRs) on the New York Stock Exchange by the end of this month.

The stock surged to touch a high of Rs 407.50, before closing at Rs 405.75. Over 21.99 lakh shares changed hands at the counter on the BSE.

According to market sources, along with the positive development of ADR listing by the end of this month, the buying support by institutional investors resulted in a sharp rally at the counter.

Tata Motors said it has completed the public filling for the ADRs on the New York Stock Exchange. Tata Motors' ADR listing would be by way of conversion of its outstanding depositary receipts into ADRs so there is no fresh issue of funds.

On the National Stock Exchange the counter witnessed a volume of more than 58.18 lakh shares.