Tata Motors rose 1.08% to Rs 432.25 at 14:33 IST on BSE after the company said that it has slashed prices of its passenger vehicles to pass benefits of GST to its customers.
The announcement was made during market hours today, 5 July 2017.Meanwhile, the S&P BSE Sensex was up 21.76 points or 0.07% at 31,231.55
On the BSE, 2.82 lakh shares were traded on the counter so far as against the average daily volumes of 18.86 lakh shares in the past one quarter. The stock had hit a high of Rs 434.25 and a low of Rs 427.55 so far during the day. The stock had hit a 52-week high of Rs 598.60 on 7 September 2016 and a 52-week low of Rs 417.10 on 8 May 2017.
The stock had underperformed the market over the past one month till 4 July 2017, falling 10.53% compared with 0.32% decline in the Sensex. The scrip also underperformed the market in past one quarter, sliding 9.69% as against Sensex's 4.12% rise. The scrip had also underperformed the market in past one year, declining 7.14% as against Sensex's 14.88% rise.
The large-cap company has equity capital of Rs 577.47 crore. Face value per share is Rs 2.
Tata Motors offered a price reduction of upto 12% ranging between Rs 3,300 and Rs 2.17 lakh depending on the model and variant. The Goods and Services Tax (GST) was implemented in the country with effect from 1 July 2017 to bring in one uniform tax across the country.
Commenting on the price reduction, Tata Motors - President, Passenger Vehicles Business Unit, Mayank Pareek said the GST rollout will enhance the ease of doing business and usher in a new era for the economy in general and especially, for the automotive industry.
Tata Motors' passenger and commercial vehicles total sales fell 9% to 40,358 vehicles in June 2017 over June 2016. The announcement was made on 1 July 2017.
On a consolidated basis, net profit of Tata Motors declined 16.8% to Rs 4336.43 crore on 2.9% decline in net sales to Rs 77217.19 crore in Q4 March 2017 over Q4 March 2016.
Tata Motors is a leading global automobile manufacturer of cars, utility vehicles, buses, trucks and defence vehicles. The company's British luxury unit Jaguar Land Rover (JLR) sells premium luxury cars.
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