Tata Motors rallies on order win under JNNURM scheme

NEW DELHI: Tata Motors
LtdBSE 1.49 % rallied as much as
2.6 per cent in trade on Wednesday, after the automobile major received orders
for over 2,700 'urban' buses under the Jawaharlal Nehru National Urban Renewal Mission (JNNURM) - II
scheme.

At 09:30 a.m.; Tata Motors was trading 1.6 per cent higher at Rs
524.95. It hit a low of Rs 523.15 and a high of Rs 530.50 in trade
today.

The company had received an order from KSRTC (Karnataka State Road
Transport Corporation) .

to supply 487 buses and another for 780 buses from HRTC (Himachal Road
Transport Corporation) for Tata Marcopolo built buses as per Urban Bus Specifications
under JNNURM - II
scheme, Tata Motors said in a statement

 

.

These orders are part of the over 2,700 orders for Tata Motors buses received
under the scheme, it added.

Morgan Stanley upgradeed the stock to
"overweight" from "equal-weight." The Bank cited Tata Motor's "attractive"
relative valuations and optimism about margins and volumes.

Standard and
Poor's raised its outlook to "positive" from "stable." Credit agency cited
stronger performance of Tata unit Jaguar Land Rover.

Jefferies also
raised its rating on the stock ..

on the stock to "buy" from "hold".

 

sourc.  the economics times

md.aquil alam

pgdm 3rd semester

iimt college of management