Shares in Tata Motors in Monday's trade (September 14, 2020) surge over 2% to day's high price of Rs. 147.65 per share on the BSE.
This is as the leading automaker plans to trim its capex by over Rs. Rs 50,000 crore from the previously estimated over a 3 year period in order to become debt free.
Tata Motors Shares Surge On Its Plan To Become Debt Free In 3 Years
Last year, the company provided for capex guidance of 4 billion pounds (Rs 37,600 crore at current exchange rate) in each of the next three years at British luxury-vehicle unit JLR. Also, the company has initiated stake sale in units including Tata Technologies Ltd and Tata Hitachi Construction Machinery Co. Pvt. Ltd."The intent is to monetise non-core assets and the exercise has begun with these two companies," said one of the three people with know how on the matter.
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