Tata Motors surges as JLR drafts cost-cutting plan
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Shares of Tata Motors have surged over 3% to Rs 409 on the BSE in an otherwise weak market after Tata Motors-owned Jaguar Land Rover launched a new 4.5 billion pounds cost-cutting plan to offset rising emissions cost and the slowdown in China. CLICK FOR FULL STORY.
The project — known as Leap 4.5 — will scrutinise almost every area of spending at Britain’s luxury car manufacturer. The £3-billion-a-year capital budget, focused on research and development and new plants, will be spared.
JLR has one of Britain's biggest success stories since it was bought over by Tata Motors from Ford in 2008 and made £2.6-billion profit last year, has almost 37,000 staff and builds about 500,000 cars a year.
Last week, homegrown auto major Tata Motors posted a consolidated net loss of Rs 427.79 crore due to poor domestic performance and JLR's weaker sales in China, foreign exchange revaluation and higher depreciation and amortisation expenses in the British arm.
The stock opened at Rs 372 and touched a high of Rs 410 on the BSE.
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