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Sunday, October 17, 2021

Tata Motors jump 10% after EV investment pledge

The NSE Nifty 50 index (.NSEI) was up 0.56% at 18,080.31, while the S&P BSE Sensex (.BSESN) rose 0.38% to 60,501.22 by 0345 GMT.

By: Reuters |
October 13, 2021 10:29:18 am
tata motorsTata Motors jumped 10% and was the top boost to the Nifty 50 index.

Indian shares hit record highs on Wednesday, as Tata Motors surged after pledging to boost investments in its electric vehicle business, while an emergency use nod for Bharat Biotech’s COVID-19 vaccine in kids also supported sentiment.

The NSE Nifty 50 index (.NSEI) was up 0.56% at 18,080.31, while the S&P BSE Sensex (.BSESN) rose 0.38% to 60,501.22 by 0345 GMT.

Tata Motors jumped 10% and was the top boost to the Nifty 50 index. The Jaguar Land Rover parent said on Tuesday it would invest over $2 billion in its EV business over the next five years, after the automaker announced it had raised funds from private equity firm TPG.

Airline stocks also surged, as Interglobe Aviation (INGL.NS) rose nearly 3% and SpiceJet (SPJT.NS) jumped over 4% after India’s civil aviation ministry said domestic flights would fly at full capacity from next week.

India’s drug regulator on Tuesday recommended emergency use of Bharat Biotech’s Covaxin for the two to 18 age group, expanding the country’s vaccination drive to include children.

Meanwhile, India’s retail inflation eased to a five-month low in September, data on Tuesday showed, but concerns about soaring global energy prices on inflation remained.

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