Tata Motors hits new high

Tata Motors hits new high

Tata Motors has moved higher by 4.2% to Rs 541, also its new high on the National Stock Exchange (NSE).

The stock opened at Rs 515 and touched a low of Rs 514 in early morning deals on NSE. A combined 5.94 million shares changed hands on the counter so far on NSE and BSE.

Shares of the country's largest automobile manufacturer by revenues has rallied 8% from its recent low of Rs 500, touched on September 16, compared to 2.2% rise in benchmark CNX Nifty.

On September 18, Moody's Investors Service upgraded ratings of half a dozen Tata group companies, including Tata Consultancy Services (TCS) and Tata Motors, on account of Tata Sons' track record in providing timely support to these firms.

The agency upgraded corporate family ratings of Tata Motors to Ba2/Stable from Ba3/Stable.