Tata Motors in top gear; hits all-time high of Rs 1,024 on BSE

Mumbai, Aug 11 (PTI) Tata Motors shares Wednesday gained
a whopping 5 per cent to close above the Rs 1,000-mark on the
BSE for the first time in its history as investors cheered its
solid first quarter numbers for the second successive day.
Bolstered by the handsome results, Tata Motors shares had
rallied by over 4 per cent on Tuesday. In two days of straight
gains, its market capitalisation has increased by a whopping
Rs 5,000 crore to Rs 57,462.60 crore. At end of trade on
Monday, the m-cap of Tata Motors was Rs 52,456.42 crore.
The gains came even as the broader Bombay Stock Exchange
benchmark Sensex declined further by 150 points to 18,070.19.
Analysts, however, were not surprised, saying, "The turnaround
result is significant and has fuelled the rise."
After opening on a strong note on the Bombay Stock
Exchange, the scrip never looked back and ended with a gain of
5.16 per cent at Rs 1,006.65. During intra-day trade, the
scrip jumped nearly 7 per cent to touch its highest-ever level
of Rs 1,023.55.
A similar trend was seen on the National Stock Exchange,
where the stock ended at Rs 1006.20, up 5.11 per cent. The
scrip had rallied over 4 per cent in the previous session.
On the volume front, over two lakh shares of Tata Motors
changed hands on the two bourses.
Analysts said investors were enthused after the nation's
top bus and truck-maker posted a significant turnaround from a
loss of Rs 328 crore in the corresponding quarter last year.
"It was expected to report robust results on account of
various improvements at JLR operations and strong truck sales
in domestic markets," Elara Capital Analyst Amol Bhutada said.
Driven by strong sales in the domestic market and a good
show by JLR, Tata Motors on Tuesday posted a consolidated net
profit of Rs 1,988.73 crore for the quarter ended June 30. PTI
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