Tata Motors vrooms up almost 5%

Tata Motors is in the limelight today. After closing yesterday at Rs.454.55 and today, intra day it rose 5% to Rs.477.

The reason for this rise is Morgan Stanley, which has launched a block trade for a transaction involving 1.73% or 5 crore shares of Tata Motors. To be closed tomorrow, the shares are being sold by an undisclosed entity at Rs.499.80, which is at a premium of 10% over yesterday’s close.

Another news is that starting 1st Jan 2017, due to “impact of macro-economic factors” the company has decided to hike price of its passenger vehicles, vehicles starting from Rs 5,000 upto Rs 25,000, depending on the model.

And over and above all this news, there is of course the impending EGM of Tata Sons, scheduled for 22nd Dec, where it seeks to ouster Cyrus Mistry and Nusli Wadia.