Tata Motors to get listed on NYSE

Thursday, 29 July 2004, 07:00 Hrs
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NEW DELHI: Tata Motors, one of India's leading passenger car and commercial vehicle makers, Wednesday said it had decided to get listed on the New York Stock Exchange (NYSE).

The company's board approved of a proposal to list during the course of this financial year its outstanding global depositary receipts on NYSE in the form of American depositary receipts, said a company statement issued here.

Tata Motors, an arm of India's leading diversified business conglomerate Tata group, said it was not issuing new shares or raising new capital as part of the NYSE listing.

The company would be the first Indian company in the automobile and engineering sector to be listed on NYSE.

Earlier Wednesday, Tata Motors said its net profit in the April-June quarterly period more than doubled to 2.23 billion ($48.22 million), up from 1 billion ($21.62 million) logged in the same period of the previous fiscal.

Total revenue, including other income, grew by 46 percent over the corresponding period in the previous fiscal to a whopping 42.86 billion ($926.8 million), said the statement.

The company said it would continue its thrust on cost reduction and other initiatives to reduce the impact of cost increases.

Tata Motors achieved a 41 percent growth in sales volumes at 84,918 units in the first quarter of the current fiscal.

Domestic sales of commercial vehicles in the April-June quarter were 39,877 units, representing an increase of 50 percent over a year-ago period.

Sales of passenger vehicles in the domestic market too grew 35 percent at 40,781 units, with the company improving its market share to 17.4 percent from 15.6 percent earlier.

Source: IANS
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