Tata Motors rose 0.47% to Rs 458.90 at 10:45 IST on BSE after the company said that the authorised committee of board approved offering of non-convertible debentures aggregating up to Rs 1000 crore.
The announcement was made after market hours yesterday, 26 July 2017.Meanwhile, the S&P BSE Sensex was up 239.62 points or 0.74% at 32,622.08.
On the BSE, 39,766 shares were traded on the counter so far as against the average daily volumes of 18.74 lakh shares in the past one quarter. The stock had hit a high of Rs 461 and a low of Rs 458.05 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 26 July 2017, gaining 3.08% compared with the Sensex's 4% rise. The stock had also underperformed the market over the past one quarter, rising 1.32% as against the Sensex's 7.46% rise. The scrip had also underperformed the market over the past one year, sliding 9.22% as against the Sensex's 15.75% rise.
The large-cap company has equity capital of Rs 577.47 crore. Face value per share is Rs 2.
Tata Motors announced that a authorised committee of board of directors approved offering for subscription, on a private placement basis, up to 10,000 rated, listed, unsecured, redeemable, non-convertible debentures (NCDs) E27-I series of face value Rs 10 lakh each, at par, aggregating up to Rs 1000 crore, comprising of two tranches of debentures of Rs 500 crore each.
The company will announce its Q1 results on 9 August 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 market leader in commercial vehicles in India. The company's British luxury unit Jaguar Land Rover (JLR) sells premium luxury cars.
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