Tata Motors share price rose more than 3 percent in the early trade on August 26, a day after the company said it proposed to reduce its debt to near-zero levels.
In the previous trading session, the share, which has risen 55 percent in the past three months, closed up 4.83 percent or Rs 5.85 at Rs 127.05.
At Tata Motors annual general meeting on August 25, N Chandrasekaran, Chairman of the Tata Group, said the company had a net automotive debt of Rs 48,000 crore and was targeting to reduce it to near-zero levels in three years, CNBC-TV18 reported.
The investments in the company had reduced to 50 percent this fiscal, he added.
JLR would be cash-positive this year, while India PV business was being subsidiarised to a new legal entity, Tata Motors CFO said at the AGM.
The focus of the passenger vehicle business would be entirely on the front-end. It generated highest ever profitability in FY19, which got impacted by COVID-19, he added.
At 0927 hours, Tata Motors was quoting at Rs 129.45, up Rs 2.40, or 1.89 percent.
The share touched its 52-week high of Rs 201.80 on January 15, 2020 and a 52-week low of Rs 63.60 on March 24, 2020.