Britain’s automobile major, Jaguar Land Rover announced that its mobility services business, InMotion Ventures, will be investing USD 25 million in the US ride services company Lyft Inc, to aid the development and testing self-driving technology for cars.
JLR owned by Tata Motors is in competition to develop self-driving technology, which is envisioned to cut down costs of ride services and transform the transport industry by instigating a change in the pattern of consumption and use of cars.
According to the agreement made between InMotion and Lyft, InMotion Ventures will also be supplying Lyft with a fleet of Jaguar and Land Rover vehicles.
InMotion's investment was preceded by a recent seed investment by the company in SPLT, a Detroit-based digital carpool business. SPLT works with Lyft Inc to provide transport for non-emergency medical purposes.
Tata Motors Ltd is currently trading at Rs 456.5, down by Rs 10.7 or 2.29% from its previous closing of Rs 467.2 on the BSE.
The scrip opened at Rs 467 and has touched a high and low of Rs 467 and Rs 455.1 respectively. So far 4657492(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 149699.42 crore.
The BSE group 'A' stock of face value Rs 2 has touched a 52 week high of Rs 598.6 on 07-Sep-2016 and a 52 week low of Rs 417.1 on 08-May-2017. Last one week high and low of the scrip stood at Rs 484.4 and Rs 453.6 respectively.
The promoters holding in the company stood at 34.73 % while Institutions and Non-Institutions held 38.71 % and 26.56 % respectively.
The stock is currently trading above its 200 DMA.