Tata Motors gains on inking pact with Cummins Inc to manufacture low- to zero-emissions technology products
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Tata Motors is currently trading at Rs. 480.15, up by 2.10 points or 0.44% from its previous closing of Rs. 478.05 on the BSE.
The scrip opened at Rs. 475.70 and has touched a high and low of Rs. 481.85 and Rs. 475.70 respectively. So far 66018 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 494.50 on 17-Aug-2022 and a 52 week low of Rs. 366.05 on 12-May-2022.
Last one week high and low of the scrip stood at Rs. 481.85 and Rs. 467.20 respectively. The current market cap of the company is Rs. 159577.82 crore.
The promoters holding in the company stood at 46.39%, while Institutions and Non-Institutions held 33.17% and 18.86% respectively.
Tata Motors and Cummins Inc have signed definitive agreement to manufacture a range of low- to zero-emissions technology products in India over the next few years.
Tata Motors and Cummins have a 30-year strong partnership through their joint venture Tata Cummins (TCPL) in India, established in 1993. The signing of this definitive agreement further strengthens their relationship and is a step forward from the Memorandum of Understanding (MoU) signed between the two organizations in November 2022 to collaborate on the design and development of low- and zero-emissions propulsion technology solutions for commercial vehicles in India.
As a part of this agreement, Cummins and Tata Motors have set up a new business entity called TCPL Green Energy Solutions (GES), a wholly owned subsidiary under the existing joint venture with a focus on the development and manufacturing of sustainable technology products that will include hydrogen powered internal combustion engines, fuel delivery systems, and battery electric powertrains and fuel cell electric systems through the Accelera by Cummins brand.
The low- to zero-emissions technologies developed by TCPL GES will be integrated into both on-highway and off-highway applications for domestic and international markets. This agreement will play a pivotal role in developing sustainable powertrain solutions that will help in mitigating greenhouse gas emissions, improving air quality, and supporting India's net-zero ambitions.
Tata Motors is India’s largest automobile company. Through subsidiaries and associate companies, Tata Motors has operations in the UK, South Korea, Thailand, South Africa and Indonesia. Among them is Jaguar Land Rover, the business comprising the two iconic British brands.
