Tata Motors rose 3.15% to Rs 439 at 12:55 IST on BSE amid protest made by Trinamool Congress, demanding 400 acres of land taken for the Tata Nano project in Singur in Orissa to be returned to farmers.
The stock hit a high of Rs 443.75 and a low of Rs 422 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.
India’s largest commercial vehicle maker by sales has an equity capital of Rs 385.70 crore. Face value per share is Rs 10.
The current price of Rs 439 discounts its Q1 June 2008 annualised EPS of Rs 33.82, by a PE multiple of 12.98.
Trinamool Congress supremo Mamta Banerjee started an indefinite agitation in Singur from Sunday, 24 August 2008.
Banerjee said she would not budge from her stand of demanding the 400 acres of land taken for the Nano project in Singur and her prime concern was the farmers of Singur, not the car factory.
According to reports, Indian authorities have deployed 3,000 police at Tata Motors' Singur plant to control protestors. About 30,000 people demonstrated outside the factory on Sunday, 24 August 2008, the reports added.
On Friday, 22 August 2008, the Tata Motors stock rose 1.83% to 425.60 after Ratan Tata said he may relocate the Singur plant to protect employees from violent protests, risking a Rs 1500 crore investment for the Nano project. Delays in completing the factory could upset Tata Motors' plan to introduce the Nano in the last quarter of this year and increase the project cost, the reports suggested.
Tata Motors’ net profit declined 30.1% to Rs 326.11 crore on a 14.40% rise in 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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