MUMBAI: Shares of Tata Motors on Tuesday surged nearly seven per cent on the Bombay Stock Exchange amid reports that the automaker expects to meet the funding requirement for its two British luxury brands without the loan guarantee from the UK government .
Tata Motors closed at Rs 428.25 on BSE, up 6.81 per cent over the previous close. On the National Stock Exchange, Tata Motors settled up 6.60 per cent at Rs 430.50. Over 1.44 crore shares changed hands on the bourses.
Analysts said the scrip, which was witnessing a lackluster trade in morning, gained on the bourses after reports came in that the firm has secured some direct bank loans, as well as guarantees.
The scrip, which has fallen nearly 11 per cent in the past three trading session, today bounced back and became the biggest index-wise gainer at the end of the trade.
"Strong buying emerged in the stock as investors turned optimistic on the stock,'' SMC Global Vice President, Mr Rajesh Jain said. After the close of market hours today, Tata Motors in a statement said that it expects to meet the funding requirement for its two British marquees brand without the loan guarantee from the UK government. - PTI
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