STOCK MARKET BSE NSE

Good news for auto sector as Brexit deal 'agreed', Tata Motors' shares jump 10 per cent

Easing trade tension and positive development on Brexit provided further boost to the market.

Published: 17th October 2019 05:59 PM  |   Last Updated: 17th October 2019 06:01 PM   |  A+A-

Brexit

Representational Image for Brexit | Reuters

By IANS

MUMBAI: 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.

ALSO READ: UK and EU reach Brexit deal but it still needs ratification

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 agreed a new withdrawal deal on Thursday.



Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp