Tata Motors advanced 2.40% to Rs 641.55 at on BSE after the company reported 6.03% rise in net profit to Rs 2028.92 crore on 5.40% rise in total income to Rs 29214 crore in the year ended March 2008 over the year ended March 2007.
The stock hit a high of Rs 644 and a low of Rs 612 during the day. The stock had a 52-week high of Rs 840 on
The company’s current equity is Rs 385.55 crore. Face value per share is Rs 10.
The current price of Rs 641.55 discounts its Q3 December 2007 EPS of Rs 51.78, by a PE multiple of 12.38.
However Tata Motors’ consolidated net profit slipped 0.10% to Rs 2167.70 crore on 10.47% rise in total income to Rs 35918.96 crore in full year ended March 2008 over full year ended March 2007.
Tata Motors also announced plan to raise about Rs 7,200 crore through three simultaneous but unlinked rights issues to be used for financing the Jaguar-Land Rover acquisition.
The three simultaneous rights issue equity include rights issue of upto Rs 2,200 crore; rights issue of 'A' equity shares carrying differential voting rights (1 vote for every 10 'A' equity shares) upto Rs 2,000 crore and a rights issue of 5-year 0.5% convertible preference shares (CCPs) upto Rs 3000 crore, optionally convertible into 'A' equity shares after 3 years but before 5 years from the date of allotment.
The company said that after the above-mentioned issues, the company’s total equity capital is estimated to increase by about 30% to 35% during the current financial year.
In March 2008, the company signed an agreement with Ford Motor Company for buying two iconic British auto brands - Jaguar and Land Rover for $2.3 billion.
Tata Motors is engaged in manufacturing and marketing heavy, medium and light commercial vehicles, utility vehicles and passenger cars.
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