Tata Motors' share price rose nearly 6% intraday on August 25 after the company said it proposed to reduce its debt to near-zero levels.
At the annual general meeting of the Tata Motors on August 25, N Chandrasekaran, Chairman of the Tata Group, said the company had a net automotive debt of Rs 48,000 crore and was targeting to reduce it to near-zero levels in three years, CNBC-TV reported.
The investments in the company had reduced to 50% this fiscal, he added.
JLR would be cash positive this year, while India PV business was being subsidiaries to a new legal entity, Tata Motors CFO said at the AGM.
The focus of the passenger vehicle business would be entirely on the front-end. It generated highest ever profitability in FY19, which got impacted by COVID-19, he added.
Tata Motors' share price was quoting at RS 127.10, up to Rs 5.90, or 4.87% on the BSE.
The share touched its 52-week high Rs 201.80 and 52-week low Rs 63.60 on 15 January 2020 and 24 March 2020, respectively.
It is trading 37.02% below its 52-week high and 99.84% above its 52-week low.
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