Tata Motors rose 2.04% to Rs 432.70 at 09:55 IST on BSE after the company scrapped a plan to raise Rs 3000 crore by issuing convertible preference shares due to adverse market conditions.
The stock hit a high of Rs 440 and a low of Rs 429 so far during the day. The stock had a 52-week high of Rs 840 on 12 October 2007 and a 52-week low of Rs 374 on 8 July 2008.
The company has an equity capital of Rs 385.66 crore. Face value per share is Rs 10.
The current price of Rs 432.70 discounts its Q1 June 2008 annualised EPS of Rs 33.82, by a PE multiple of 12.79.
Tata Motors has modified its plan to raise Rs 7200-crore. However, the plan to sell rights shares worth Rs 4200 crore stands. The company will raise funds by selling some of its investments preferably as inter-group sales wherever feasible at prevailing market prices over the next six to eight months.
In May 2008, Tata Motors said it planned to raise about Rs 7,200 crore through three simultaneous but unlinked rights issues for financing the Jaguar-Land Rover acquisition. On 2 June 2008, Tata Motors completed the $2.3-billion acquisition of British luxury brands Jaguar and Land Rover.
Tata Motors reported 30.1% fall in net profit to Rs 326.11 crore on 14.40% rise in net sales to Rs 6928.44 crore in Q1 June 2008 over Q1 June 2007.
Tata Motors is engaged in manufacturing and marketing heavy, medium and light commercial vehicles, utility vehicles and passenger cars.
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