Tata Motors is trading higher by 3% at Rs 335, extending its previous day’s 4% rally, after the company’s ADR (American Depository Receipts) surged over 6%, ahead of its Jaguar Land Rover (JLR) unit's wholesale volume numbers, which are scheduled to be released early next week.
The company's ADR gained 6.21% to settle at $30.46 on the New York Stock Exchange on Wednesday, January 9, 2012. Each ADR represents 5 underlying ordinary shares of Rs 2/- each.
The stock opened at Rs 332 and hit a record high of Rs 337 on BSE. A combined 7.62 million shares have already changed hands on the counter till early noon deals against an average sub 9 million shares that were traded daily in past two weeks.
The stock of India’s largest automobile company has rallied 20% in past one month compared to 1.4% rise in benchmark Sensex.
Meanwhile, the company said that Life Insurance Corporation of India (LIC) has sold around 1% stake or 2.6 million shares of the company since September 2012 via open market transaction.
“LIC total holding in the company stands at 5.23% as on January 1, 2013,” Tata Motors said in a statement.
The insurance giant held 6.2% or 168 million shares in Tata Group Company at the end of September 2012 quarter, the BSE data shows.
