Rakesh Jhunjhunwala buys 4 crore shares of Tata Motors in September quarter

The company's board is to meet on October 27 to consider and approve the financial results of Q2FY21.

Rakesh Jhunjhunwala bought 4 crore shares of Tata Motors in the September quarter of FY21, data on BSE showed.

In a regulatory filing on October 15, Tata Motors said Jhunjhunwala bought 4,00,00,000 shares of the company during the September quarter.

Shares of the company traded at Rs 132.65, up 1.49 percent, on BSE at 12:50 hours.

The company's board is scheduled to meet on October 27 to consider and approve the financial results of Q2FY21.

Brokerage firm Kotak Institutional Equities expects Tata Motors' standalone revenues to increase by 18 percent year-on-year (YoY), led by a 5 percent YoY increase in volumes across segments to 110.4k units and a 13 percent YoY increase in ASPs due to price increase due to BSVI transition in Q2FY21.

"We build in a standalone EBITDA margin of 0.9 percent (up 470 bps YoY), led by operating leverage benefits and cost-cutting initiatives in Q2FY21," said Kotak.

On the other hand, Motilal Oswal expects the company's India business to report a loss due to subdued CV demand.

Motilal said JLR mix improvement will play out with a higher share of LR and China while cost-cutting will aid performance.

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