Latest News | BIZ-STOCKS-TATA MOTORS Tata Motors Shares Jump Nearly 5 Pc
Get latest articles and stories on Latest News at LatestLY. Shares of Tata Motors Ltd (TML) on Tuesday rose nearly 5 per cent amid the announcement that the company aims to reduce its total debt to near-zero levels in three years and generate free cash flows from FY22 onwards.
New Delhi, Aug 25 (PTI) Shares of Tata Motors Ltd (TML) on Tuesday rose nearly 5 per cent amid the announcement that the company aims to reduce its total debt to near-zero levels in three years and generate free cash flows from FY22 onwards.
The stock gained 4.83 per cent to close at Rs 127.05 on the BSE. During the day, it jumped 5.85 per cent to Rs 128.30.
On the NSE, it rallied 4.86 per cent to settle at Rs 127.10.
In volume terms, 46.41 lakh shares were traded on the BSE and over 9 crore on the NSE.
Tata Motors Ltd aims to reduce its total debt to near-zero levels in three years and generate free cash flows from FY22 onwards, Tata Motors Chairman N Chandrasekaran said on Tuesday.
Chandrasekaran, while addressing shareholders at Tata Motors' 75th annual general meeting, said the company would also look to unlock non-core investments in order to deleverage the business.
"In terms of path ahead, I would like to speak about five dimensions.
Currently the Tata Motors Group has a net automotive debt of Rs 48,000 crore and we are deleveraging this business substantially.
"We have set a target to significantly bring down the debt and come to near-zero debt levels in the next three years," Chandrasekaran told shareholders.
The auto major has already initiated steps towards this and and set a target to generate positive free cash flows from FY22 onwards, he added.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)