Business

Tata Motors, Motherson Sumi rally after Britain, EU agree on new Brexit deal

ANI | October 17, 2019 06:14 PM
Brexit has impacted their earnings for several quarters

Mumbai (Maharashtra) [India], Oct 17 (ANI): Shares of Tata Motors rallied by over 13 per cent and those of Motherson Sumi Systems gained by 9.3 per cent after Britain and the European Union (EU) agreed on a new Brexit deal.

Both companies have exposure to Britain and Brexit has been one of the reasons that impacted their earnings for several quarters.

Tata Motors closed the day at Rs 142.55 per share at the National Stock Exchange, up 13.27 per cent. On the other hand, Motherson Sumi Systems wound up at Rs 108.60 per share at the BSE.

Jaguar Land Rover (JLR), part of Tata Motors since 2008, is Britain's largest automotive manufacturer.

In March, a subsidiary of transportation component major Motherson Sumi Systems acquired assets of Bombardier Transportation (Rolling Stock) UK Ltd for production and installation of electrical components and systems in the rail industry.

The transaction included transfer of assets, employee and inventories on debt free and cash free basis and was valued at 10.87 million pounds.

Reports said a Brexit deal has been agreed between British and EU negotiating teams before a meeting of European leaders in Brussels. The two sides have been working on the legal text of a deal, but it will still need the approval of both the British and European parliaments.

British Prime Minister Boris Johnson said in his tweet: "We have got a great new deal that takes back control. Parliament should get Brexit done on Saturday so we can move on to other priorities like the cost of living, NHS, violent crime and our environment." (ANI)

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