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Tata Motors Riding Up On Electric Vehicle Deal

Shares of automaker Tata Motors Ltd (TTM) are continuing their upward rally from Tuesday when the company announced the sale of a 15 percent stake in its electric vehicle business to private equity firm TPG's Rise Climate Fund and other investors for around $9.1 billion. The shares are up 4 percent on Wednesday's trading.

Tata said that the sale was done to expand the electric vehicles business. TPG and other investors will own around 11-15 shares against compulsorily convertible shares and Tata plans to launch 10 new electric vehicles by 2025.

Currently at $32.83, the stock has traded between $8.62 and $33.62 during the past 52 weeks.

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