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Tata Motors Shares Jump Nearly 15% On Reports Of Restarting Production In China
Shares of Tata Motors rose as much as 14.7 percent to Rs 89.70 on Thursday after a Mint report citing sources said that the company's British luxury car arm Jaguar Land Rover (JLR) has restored three-fourth of its budgeted production in China.
The report said that Chery Jaguar Land Rover Automotive Co Ltd's manufacturing plant in Changshu has gradually resumed operations starting the third week of February and restored production capacity to 75 percent of the pre-COVID-19 level.
Sources also told Mint that all of JLR's retailers in China are now open and recovering its sales as lockdown measures ease in the country.
Further, earlier this week, Tata Motors said that the company wants to offer "Rated, Listed, Unsecured, Redeemable, Non-Convertible Debentures aggregating Rs 1000 crores in three tranches," and it will hold a board committee meeting on 5 May to discuss the same.
"The above issuance is pursuant to the approval of the Board of Directors' resolution passed at its meeting held on March 27, 2020," it added in its stock exchange filing.
