Why Tata Motors Shares Are Upbeat Today

Tata Motors’ share price continued to gain on Thursday as the company announced plans to buy back external commercial borrowing (ECB) bonds.

What Happened: The automobile major in the after-market hours on Wednesday announced plans to buy back ECB bonds worth $250 million (around ₹2,000 crore). These senior notes issued by the company in 2014 are listed on the Singapore Exchange Securities Trading Limited.

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The Company has commenced a tender offer inviting the holders of the ECB Bonds ("BondHolders") to offer to sell their ECB bonds for cash. The move as the company booked its second consecutive green quarter after booking a loss for seven consecutive quarters.

Shares of the Tata Group company have climbed up over 9% in just the past month. Since the start of the year, Tata Motors’ shares price has gone up over 30% hitting several new record highs.

Price Action: Tata Motors’ share price was edged slightly lower by 0.1% to trade at ₹525.75 as markets opened on Thursday.

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Posted In: EquitiesMarketsTata GroupTata Motors