Tata Motors, Motherson Sumi rally up to 10% after UK, EU agree on new Brexit deal

brexit

Shares of Tata Motors rallied 9.82 percent to Rs 138.15 and those of Motherson Sumi Systems gained 9.31 percent, ending at Rs 108.60 on BSE on October 17 after the UK and European Union (EU) agreed on a new Brexit deal.

Both companies have exposure to the United Kingdom and Brexit was one of the reasons that impacted their earnings for many quarters now.

“A Brexit deal has been agreed between UK and EU negotiating teams before a meeting of European leaders in Brussels. The two sides have been working on the legal text of a deal, but it will still need the approval of both the UK and European parliaments,” reports BBC.

UK Prime Minister Boris Johnson in his tweet said, “We’ve got a great new deal that takes back control. Parliament should get Brexit done on Saturday so we can move on to other priorities like the cost of living, NHS, violent crime and our environment.”

“Where there is a will, there is a deal – we have one! It’s a fair and balanced agreement for the EU and the UK and it is a testament to our commitment to finding solutions. I recommend that EUCO endorses this deal,” Jean-Claude Juncker, President of the European Commission said.

Tata Motors was quoting at Rs 140.00, up Rs 14.20, or 11.29 percent and Motherson Sumi Systems was trading at Rs 108.90, up Rs 9.55, or 9.61 percent on the BSE at 1510 hours IST.

Overall the market also reacted positively as the BSE Sensex gained 434.53 points at 39,033.52 and the Nifty50 rose 116.70 points to 11,580.70

News Source: moneycontrol

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