Tata Motors share price up 6% as Boris Johnson wins UK election

Tata-Motors

Tata Motors share price gained for the third consecutive session, rising 6 percent in the morning trade on December 13, amid hopes that the Brexit could happen by January as exit polls predicted a big win for Prime Minister Boris Johnson is the UK election.

The stock was the second top BSE gainer, rising more than 15 percent in three sessions. It was quoting at Rs 179.55, up Rs 6.20, or 3.58 percent, at 1058 hours.

“At this stage it does look as though this one-nation Conservative government has been given a powerful new mandate to get Brexit done and not just to get Brexit done but to unite this country and take it forward,” Johnson said.

In the run-up to the polls, the Conservative leader had promised to get Britain out of the European Union by January 31 and a new trade deal with the bloc by the end of 2020.

The hope of a smooth divorce from the EU will bring certainty to the auto market, especially Tata Motors as the UK accounts for 20 percent of JLR sales.

In November, the UK-based luxury car maker reported strong retail sales, showing 11.2 percent MoM improvement.

JLR’s retail sales increased to 46,542 units in November from 41,866 units in the previous nth, though year-on-year sales declined 3.4 percent due to weakness in the UK business that fell 3.1 percent MoM and 10.8 percent YoY.

Tata Elxsi, which provides design and technology services to Tata Motors, also gained nearly 4 percent intraday.

News Source:- Moneycontrol

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