Tata Motors soared 20 per cent!

The stock was the biggest gainer in the BSE's 'A' group.

Tata Motors  Ltd spiked 20.4 per cent to Rs 519.95. Tata Motors – DVR also soared to Rs 237.30. The stock was the second biggest gainer in 'A' group. This mind-boggling rally was on the news of TGP Group to acquire an 11-15 per cent stake in TML EV Co, the electric vehicle arm of the auto giant.

The stake in the EV subsidiary will be at an equity valuation of USD 9.1 billion (Rs 7500 crore).

The first round of capital infusion is expected to be done by March 2022 and is likely to be completed within 18 months thereafter. The already charged up bulls welcomed the news with exuberance rallying the stock to unprecedented levels.

Tata Motors share touched a 52-week high of Rs 519.95 with a gain of 20.43 per cent and closed at 506.75 at BSE.