01 Nov , 2021 By : Kanchan Joshi
Shares of Tata Motors plunged over 2% to Rs473 apiece on the NSE in Monday's opening deals ahead of its second quarter earnings scheduled to be announced today. The auto stock has given multibagger return this year (year-to-date or YTD) so far by surging around 160% during the period, whereas it is up over 264% in a year.
DII holdings in Nifty stocks increased the most in Dr Reddy's Labs, Cipla, SBI Life Insurance, Tata Motors, UPL, Hero Motocorp, ITC, IndusInd Bank, HCL Technologies, and Axis Bank – up by more than 1% QoQ, a Motilal Oswal report suggested.
In Tata Motors, Domestic Institutional Investors (DIIs) holding increased to 13.4% in September, up 0.2% quarter-on-quarter (QoQ) and 1.8% on a sequential basis. However, FIIs (oreign institutional investors) pared their stake in the auto major as their holding plunged 2.5% year-on-year (YoY) to and 0.9% on a sequential basis.
Ace investor and stock market trader Rakesh Jhunjhunwala, whose portfolio is tracked closely by the market participants, also marginally pared his stake in Tata Motors. As of September 2021, Jhunjhunwala holds 1.11% stake in the auto company, which is lower from 1.14% he held in the April-June period.
Last month, the homegrown auto major had announced its plans to raise $1 billion ( Rs7,500 crore) in its passenger electric vehicle (EV) business from TPG Rise Climate at a valuation of up to $9.1 billion.
The fund will be used to partly fund investment of $2 billion in the next five years by a new subsidiary of the company for expanding its EV business, including launching of 10 EV models.
The new EV company will leverage all existing investments and capabilities of TML and will channelise the future investments into electric vehicles, dedicated BEV platforms, advanced automotive technologies and catalyse investments in charging infrastructure and battery technologies.
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