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Stock Focus: Tata Motors DVR – Shares jumps more than 60% in just 45 days, touches 6 months high.
Stock of the Tata Group Company “Tata Motors Differential Voting Rights (DVRs)” rallied
more than 60% in just 45 days to touch 6 months high. As compared to that the benchmark index &P BSE Sensex has grown only 3% in the last 45 days. In the current month of September, till now the stock has gained as much as 27% after the company’s promoter group Tata Sons acquired more than 5 million shares worth Rs 30 crore, via open market. However, stock prices of Tata Motors were up only 3%, as compared to 0.63% rise in the Sensex, thus far in the current month.
As per the exchange data, Tata Sons purchased 5.3 million shares, representing 1.04% stake of Tata Motors DVR, at price of Rs 56.02 per share on the NSE via bulk deal, on 4th of September. As of June 30, 2020, Tata Sons had a 5.26% stake in Tata Motors DVR.
The stock had touched an intraday high of Rs 64.15 till 2.30 PM on Tuesday.
On the occasion of 75th AGM of the company on August 25, Tata Motors chairman N
Chandrasekaran said that the company is eyeing “near-zero” debt in the next three years as it looks to significantly deleverage its business, reduce expenses and put the leash on non-core investments.
“The target to be near net debt zero by FY24 is built on three key pillars; business-level free cash flow (FCF) generation, the monetization of non-core assets, and top-up equity (if required). Business-level FCF generation is the key part of the plan and pivoted on, revenue improvement, cost-cutting, and capex control plans laid out for four key businesses (incl. NBFC),” he said.
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