Tata Motors shares was up by 2%; incorporates subsidiary TML CV Mobility Solutions

FPJ Web DeskUpdated: Tuesday, June 08, 2021, 08:22 PM IST
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TATA Motors | CarDekho.com

On Tuesday, the share of Tata Motors was up by 2.13 per cent and a day before, it surged by 4.1 per cent. It touched an intra-day high of Rs 356.50 a piece, before closing at Rs 352.85 per share. Meanwhile, Tata Motors in its regulatory filing stated TML CV Mobility Solutions Limited has been incorporated as a wholly-owned subsidiary of the company.

The listed company stated, “TML CV Mobility Solutions Limited was incorporated to provide end to end services of operating, repair and maintenance including annual maintenance contracts (AMC) and Fleet Management Services (FMS) for the automotive including electric mobility/electric vehicles, electric buses, Fuel Cell buses, all types of commercial vehicles etc.” The company stated the incorporation took place on June 7.

On Monday, Tata Motors share price was at Rs 345.50. The market cap of Tata Motors is 1.16 lakh crore.

Tata Motors in May reported its consolidated net loss totalled at Rs 7,605 crore for the quarter ended March despite a sharp growth in revenue. It had posted a loss of Rs 9,894.2 crore in the corresponding period last year and profit of Rs 2,906 crore in the December 2020 quarter. The automobile manufacturer's revenue from operations moved up 42 per cent in Q4 FY21 at Rs 88,628 crore from Rs 62,493 crore in Q4 FY20.

In addition, the company stated it expects Q1 FY22 to be relatively weak as well as rising commodity inflation and expects to improve gradually from the second quarter. The company said business demonstrated strong resilience in the face of adversity and its fundamentals are strong.

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