Tata Motors in the green
Tata Motors is up in the green today morning. The stock is currently up over 2% at Rs.343.60. Five days ago, on 20th Sept, the company had hit a new 52-week high at Rs.354.90.
The stock is up after the company stated yesterday that its subsidiary, Jaguar Land Rover (JLR) plans to set up an advanced R&D facility in UK to focus on new cutting-edge technology, innovation and education centre in Warwick. It will be known as the National Automotive Innovation Campus (NAIC), to be built at a cost of 1000 million pounds and construction work is scheduled to begin in Sept 2014. NAIV will be a venture between JLR along with Tata Motors European Technical Centre (TMETC), WMG (Warwick Manufacturing Group) and the UK Government's Higher Education Funding Council England (HEFCE).
On the other hand, the company finally took the logical decision of stopping production at its Zaragoza plant in Spain. This unit has been consistently making losses over the past five years on the back of sharp fall in sales. To cut these losses, production is expected to stopped from October’13.