Tata Sons to buy out Tata Steel's stake in Tata Motors

Xavier Trudeau
Juin 19, 2017

Bank of New York Mellon Corp increased its stake in Tata Motors by 46.6% in the first quarter. Nomura Holdings Inc. now owns 62,815 shares of the company's stock worth $2,239,000 after buying an additional 128,183 shares during the last quarter. Boston Partners now owns 170,000 shares of the company's stock valued at $6,061,000 after buying an additional 17,662 shares in the last quarter. 1832 Asset Management L.P. bought a new position in Tata Motors during the third quarter worth $416,000. Finally, Morgan Stanley boosted its stake in Tata Motors by 65.1% in the first quarter. Under this plan, Tata Sons will buy out shares held by group companies in other group entities. The firm has a 50 day moving average price of $35.08 and a 200 day moving average price of $35.53.

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The merger is estimated to save Tata Steel around 400-600 million euros annually and shares of the Indian-steel major rose sharply driven by improved investor sentiment in late May, hitting a two and a half year high of Rs 514.80. If you are reading this piece of content on another website, it was illegally stolen and republished in violation of United States and worldwide trademark and copyright laws. The legal version of this piece can be viewed at https://baseballnewssource.com/markets/wells-fargo-company-mn-boosts-position-in-tata-motors-limited-ttm-updated-updated/848726.html.

While Tata Sons, on Saturday, said it will acquire Tata Steel's 2.85 per cent share in Tata Motors, there could be more such deals.

Tata Motors Ltd (NYSE:TTM) was downgraded by Zacks Investment Research from a "buy" rating to a "hold" rating in a note issued to investors on Saturday. Morgan Stanley now owns 2,454,241 shares of the company's stock worth $87,494,000 after buying an additional 968,093 shares during the period. Tata Motors has an average rating of "Buy" and a consensus price target of $44.50.

In related news, Director Carlos Yong acquired 300,000 shares of the company's stock in a transaction dated Tuesday, June 13th. The shares were acquired at an average cost of $0.30 per share, for a total transaction of $90,000.00.

Indian media have reported that Tata Sons planned to reduce crossholdings among group companies.

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