Tata Motors soars 4% on buzz of Jaguar Land Rover IPO
JLR is the major contributor to topline as well as bottomline of Tata Motors
Tata Motors shares rallied 4 percent intraday Tuesday on buzz of initial public offering of Jaguar Land Rover that was bought by the company in 2008 for USD 2.4 billion.
"Tata Group is considering an initial public offering of Jaguar Land Rover, the luxury-car maker," Bloomberg said quoting people familiar with the matter.
The conglomerate is weighing London and New York as possible listing venues for Jaguar Land Rover, it added. But the company has denied these reports saying there is no truth in the information.
JLR is the major contributor to company's topline as well as bottomline. It contributed more than 75 percent to company's total revenue of Rs 2.75 lakh crore in the year ended March 2017 against Rs 2.78 lakh crore in previous year.At 14:39 hours IST, the stock price was quoting at Rs 469.85, up Rs 17.55, or 3.88 percent amid high volumes on the BSE.