Tata Motors on Monday listed its shares on the New York Stock Exchange (NYSE) under the symbol ‘TTM’. On listing, the scrip received a premium of 4 pc on the NYSE at $ 9.15 (Rs 420) as compared to its closing of Rs 409.30 on the Bombay Stock Exchange.Tata Motors ADR edged up to $ 9.28 within minutes of commencement of trading and saw a low of $ 9.05 a share. Volumes at the time of going to press was 265,800 shares. At $ 9.28, the Tata Motors ADR commands a 4 pc premium over scrip’s closing at BSE.‘‘It is a great privilege for us to be listed on the New York Stock Exchange, and we hope it will provide our overseas investors with greater opportunities to enhance their interest in the company,’’ said Ratan N Tata, Chairman, Tata Motors at the listing ceremony.‘‘We are confident that Tata Motors will benefit from the capital market access that this listing provides, and from the adoption of the comprehensive corporate governance standards,’’ he added.Analysts say the NYSE listing will give the company’s shares more liquidity and help in building ‘Tata’ brand abroad. ‘‘The scrip received a premium even when the global oil prices are are shooting up and the outlook is grim. The listing will help the company to go global after its Daewoo acquisition,’’ said BSE broker Pawan Dharnidharka.Tata Motors converted its existing international Global Depositary Shares (GDS) into American Depositary Shares (ADS). Subsequent to the listing, the GDS listing on the Luxembourg Stock Exchange would stand suspended.
