Shares of this automobile manufacturing company jumped around 3 percent after receiving an order for 1350 bus chassis from UP State Road Transport Corp. The shares have delivered more than 85 percent returns to its shareholders on a YTD basis.
With a market capitalisation of Rs. 2,69,065 crores, the shares of Tata Motors Ltd started Wednesday’s trading session on a higher note at Rs. 728 compared to its previous close of Rs. 719.55. The shares hit a high of Rs. 738.50, gaining around 3 percent, also recorded as the company’s fresh 52-week high and currently trading at Rs. 737.25 apiece.
Such a bullish movement in the share price was observed after the company announced that it had bagged an order from the Uttar Pradesh State Road Transport Corporation (UPSRTC) to supply 1,350 units of the Tata LPO 1618 diesel bus chassis.
Furthermore, the company stated that the order was won by following a competitive e-bidding process conducted via the government tendering process and the bus chassis will be supplied in a phased manner.
The Tata Group company also said that more than 58,000 buses have been supplied to multiple state and public transport undertakings to date.
Coming onto the company’s financial statement, the revenue increased marginally by around 3 percent from Rs. 1,02,236 crores in the June quarter to Rs. 1,05,128 crores during the September quarter. In addition, the net profit zoomed by 16 percent from Rs. 3,301 crores to Rs. 3,832 crores during the same timeframe.
The company earlier this year announced several corporate actions, including the acquisition of a stake in Freight Tiger and a partnership with JLR for the development of the AVINYA EV series. As of Q2 FY24, the company order book stood at c.168 thousand units, more than 77 percent of which are for RR, RRS and Defender.
Headquartered in Mumbai, Tata Motors was incorporated in 1945. It is a leading global automobile manufacturer. Part of the illustrious multi-national conglomerate, the Tata group, The company offers a wide and diverse portfolio of cars, sports utility vehicles, trucks, buses and defence vehicles to the world.
Written By Vaibhav Patil
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