Shares of Tata Motors gained after promoter Ratan Tata bought 425,000 shares of the company at Rs. 233.87.
Share prices were also boosted after sales at the automakers main Jaguar Land Rover unit, its British luxury-automobile unit, rose 35% to 30,094 vehicles in May, surpassing the 28,175 average estimate by analysts.
Deliveries of Land Rover vehicles jumped 42% to 25,752 units, while sales of Jaguar-brand cars climbed 3% to 4,342, Mumbai-based Tata Motors said in a statement today.
On Thursday, the automaker’s shares lost 4.6% to close at Rs.227 after Nomura downgraded the stock to ‘neutral’ versus ‘buy’.
Shares of Tata Motors were trading at Rs.236.95 up 4.4% over the previous close. It had touched a day’s high of Rs.238.25 and a day’s low of Rs.228. The total traded quantity of the shares stood at 16.79 lakh shares on the BSE.