Tata Motors stock rose over 3 per cent today after auto major announced that its subsidiary has inked a Memorandum of Understanding (MoU) with the Gujarat government for the potential acquisition of Ford India's Sanand plant.
The large-cap stock rose to an intraday high of Rs 443.9, 3.33 per cent on BSE. The share opened higher at Rs 436.35 against the previous close of Rs 429.60. Tata Motors shares are higher than 5-day, 20-day, 50-day and 200-day moving averages but lower than 100-day moving averages.
Automobile maker Tata Motors subsidiary Tata Passenger Electric Mobility on Monday signed a tripartite Memorandum of Understanding (MoU) with Ford India and the government of Gujarat for takeover of Ford s passenger vehicle manufacturing .
Tata Passenger Electric Mobility Limited (TPEML) and Ford India have signed a Memorandum of Understanding (MoU) with the Government of Gujarat for the potential acquisition of Ford's Sanand manufacturing plant, including the land, buildings, vehicle manufacturing plant, machinery and equipment as well as the transfer of all eligible employees of the vehicle manufacturing operations unit.Ford's Sanand facility also includes a powertrain manufacturing unit, which will be operated by Ford by leasing back the land and building from TPEML.