Tata Motors rose 2.79% to Rs 88.55 after the company announced a calibrated restart of manufacturing operations for both commercial and passenger vehicles from its plants located at Pantnagar (Uttarakhand) and Sanand (Gujarat).
Tata Motors plants in Lucknow (Uttar Pradesh), Dharwad (Karnataka), Jamshedpur (Jharkhand) and Pune (only for ambulance vehicle manufacturing) are in final stage of readiness and expect to begin production over the next few days. This commencement of operations follows receipt of all necessary approvals from relevant government authorities.
Guenter Butschek, CEO & MD, Tata Motors said, "We will scale operations in a graded manner as the entire enabling ecosystem of suppliers, vendors, dealers and customers comes up to speed. We are cautiously optimistic and staying agile to cater to an evolving demand. The lockdown was our opportunity to accelerate our digital journey and evolve new ways of working, while servicing and supporting our customers. We are well positioned to redefine mobility with our new product portfolio, customised offerings and enhanced customer experience."
Tata Motors, part of the $110 billion Tata group, is a global automobile manufacturer of cars, utility vehicles, pick-ups, trucks and buses.
The auto major's consolidated net profit surged 106.44% to Rs 1,738.30 crore on a 6.84% decline in net sales to Rs 71,051.42 crore in Q3 December 2019 over Q3 December 2018.
In the F&O market, Tata Motors' 28 May 2020 futures were currently trading at 88.30, a discount of 0.25 points compared with the spot price of 88.55.
On the options front, the TaMo option chain for 28 May 2020 expiry showed maximum call open interest (OI) of 49.66 lakh contracts at the 100 strike price. Maximum put OI of 31.43 lakh contracts was seen at 75 strike price.
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