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Shares of Tata Motors Ltd. jumped over 2% intraday after Tata Sons said that it will build a 40GW battery cell gigafactory in the United Kingdom. The investment, of over £4 billion or approximately Rs 42,480.9 crore will deliver electric mobility and renewable energy storage solutions for customers in U.K. and Europe. JLR and Tata Motors will be the primary customers, with supplies commencing from 2026, as per the company's press release. Gigafactory is a generic term referring to facilities that produce batteries for electric vehicles on a large scale. Commenting on this U.K. Prime Minister, Rishi Sunak said that "It will not only create thousands of skilled jobs for Britons around the country, but it will also strengthen our lead in the global transition to electric vehicles, helping to grow our economy in clean industries of the future." "With this strategic investment, the Tata Group further strengthens its commitment to the U.K., alongside our many companies operating here across technology, consumer, hospitality, steel, chemicals, and automotive," added N Chandrasekaran, Chairman, Tata Sons. Shares of Tata Motors Ltd. rose 1.88% to Rs 623.6 apiece as of 12:02 p.m., as compared to no change in the NSE Nifty 50. The scrip jumped as much as 2.16%, the most in over a week since July 10, 2023. The stock has rise nearly 61% year-to-date. The relative strength index was at 67.5. Out of the 36 analysts tracking the company, 29 maintain a 'buy' rating, three recommend a 'hold' and four suggest to 'sell' the stock, as per the Bloomberg data. The average calculated from the 12-month price target given by analysts implies a potential upside of 1% Source: Bloomberg, Exchange filing India's benchmark stock indices opened higher and logged fresh highs before turning volatile and being little change in trade on Wednesday. Intraday, the Sensex rose 0.48% to scale a new high at 67,117.05 points and Nifty 50 jumped 0.47% to hit record high at 19,841.65 points. Consumer durables and PSU banking sectors advanced the most, while I.T. and fast moving consumer goods were under pressure. NTPC Ltd., and Bajaj Finance Ltd. led, whereas ICICI Bank Ltd., and TCS Ltd. were dragging the indices. Chinese stocks declined and the equity markets in the rest of Asia climbed, pacing U.S. gains. Shares in Hong Kong and mainland China were the worst performers in the region and forced a gauge of Asian shares enter a third day of losses. European equity futures advanced while contracts for their U.S. counterparts were flat. Markets in the U.S. closed near session highs on Tuesday, as results from Bank of America Corp. and Morgan Stanley bolstered bank shares and a rally in equities linked to artificial intelligence resumed. As of 11:57 a.m., the S&P BSE Sensex Index was down 71 points or 0.11% at 66,724.48 while the NSE Nifty 50 Index was 15 points or 0.07% lower at 19,734.80. NTPC Ltd., Bajaj Finance Ltd., Kotak Mahindra Bank Ltd., IndusInd Bank Ltd., and Tata Motors Ltd. were the positively adding to the change in the Nifty 50 Index. Whereas, ICICI Bank Ltd., TCS Ltd., ITC Ltd., Infosys Ltd., and Hindustan Unilever Ltd. were negatively contrbuting to the change. The broader market indices were trading higher; the S&P BSE MidCap Index was up 0.37%, whereas S&P BSE SmallCap Index was 0.44% higher. Seventeen out of the 20 sectors compiled by BSE advanced. S&P BSE Utilities rose the most. The market breadth was skewed in the favour of buyers. About 1,840 stocks rose, 1,394 declined, while 137 remained unchanged on the BSE. To set up battery gigafactory in U.K. Announces investment of over £4 bn. Source: Bloomberg Inks pact for launching a new operating model for GE Healthcare Technologies Source: Exchange filing GAIL enters into a strategic partnership with LanzaTech to explore innovative technology solutions for Net Zero 2040 goal. Partnership with LanzaTech will also explore bio-recycling carbon waste into fuels and chemicals. Source: Exchange Filing
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