SME Times News Bureau | 17 Oct, 2019
Investors hurriedly bought Tata
Motors shares on Thursday after the news of Britain and the EU reaching a
new Brexit deal reached Dalal Street.
According to reports, a
Brexit deal has been agreed between UK and EU negotiating teams before a
meeting of European leaders in Brussels, post which the benchmark
Sensex closed 453 points higher while Tata Motors jumped 9.82 per cent
on the BSE to Rs 138.15 a share.
Jaguar Land Rover, the UK
subsidiary of Tata Motors, is one of Britain's largest automotive
manufacturers. The company's performance had taken a hit owing to Brexit
related uncertainties.
Easing trade tension & positive development on Brexit provided further boost to the market, analysts said.
"The
Brexit deal is yet to be passed by the parliament but if the
uncertainty ends, it is positive for auto industry and IT companies
abroad," Deepak Jasani of HDFC Securities said.
Foreign media
cited a statement from British Prime Minister Boris Johnson and European
Commission President Jean-Claude Juncker according to which the UK and
EU have greed a new withdrawal deal on Thursday.
