The market construct is favourable for consolidation around current levels and gradual up move, says V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Tata Motors said its board has approved a proposal to raise up to Rs 500 crore through the issue of securities on a private placement basis.
A meeting of the duly authorised committee has approved for subscription, on a private placement basis, up to 5,000 rated, listed, unsecured, redeemable, non-convertible debentures (NCDs) E30-B Series of face value Rs 10,00,000 each aggregating up to Rs 500 crore, the auto major said in a regulatory filing.
However, the Mumbai-based company did not share details as to how it plans to use the capital.
Tata Motors is a USD 35 billion organisation. It is a leading manufacturer of cars, utility vehicles, pick-ups, trucks and buses.
Part of the USD 113 billion Tata group, the auto major has operations in India, the UK, South Korea, Thailand, South Africa, and Indonesia through a strong global network of 103 subsidiaries, ten associate companies, three joint ventures and two joint operations as on March 31, 2020.