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    500570   INE155A01022

TATA MOTORS LIMITED

(500570)
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End-of-day quote Bombay Stock Exchange  -  2022-08-11
477.50 INR   +0.18%
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India orders investigation into Tata Motors EV fire incident

06/23/2022 | 05:42am EDT

BENGALURU, June 23 (Reuters) - India has ordered an investigation into a fire incident involving a Tata Motors electric vehicle, a government official said on Thursday, after the automaker described it as an "isolated thermal incident."

A video on social media, which has gone viral, showed one of the company's electric cars engulfed in flames. The video showed firefighters trying to extinguish the fire in a Nexon electric vehicle (EV) in a suburb of Mumbai. Reuters was unable to independently verify the video.

Defense Research and Development Organisation, a government agency, would lead the investigation, the official said.

"A detailed investigation is currently being conducted to ascertain the facts of the recent isolated thermal incident that is doing the rounds on social media. We will share a detailed response after our complete investigation," India's biggest manufacturer of electric cars said in a statement.

The company said this was the first such incident, having sold more than 30,000 EVs, the bulk of which are its Nexon model.

The incident follows a spate of e-scooter fires that have triggered an investigation by the Indian government.

Initial findings of the federal probe into three e-scooter makers, including SoftBank-backed Ola Electric, found faulty battery cells and modules to be the leading cause of fires, Reuters reported last month.

Electrification is the cornerstone of Indian Prime Minister Narendra Modi's climate change and carbon reduction agenda. EVs are also seen as a way to help India to cut its oil import bill and reduce pollution in major cities.

India wants electric models to make up 30% of total passenger car sales in the country by 2030, up from about 1% today, and e-scooters and e-bikes to account for 80% of total two-wheeler sales, up from about 2%. (Reporting by Chris Thomas in Bengaluru and Aditi Shah in New Delhi, additional reporting by Rama Venkat in Bengaluru Editing by Anil D'Silva and David Goodman)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
LONDON BRENT OIL -1.47% 97.84 Delayed Quote.27.42%
NEXON CO., LTD. 1.91% 2778 Delayed Quote.22.57%
SOFTBANK GROUP CORP. 5.55% 5610 Delayed Quote.-2.19%
TATA MOTORS LIMITED 0.18% 477.5 End-of-day quote.-1.01%
WTI -2.31% 91.866 Delayed Quote.24.73%
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11:07aTata Punch achieves a new milestone; Becomes the fastest SUV to reach 1,00,000 sales ma..
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08/11Asian ADRs Climb Higher in Thursday Trading
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08/11TATA MOTORS : Punch achieves a new milestone
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08/10TATA MOTORS : launches Tigor XM variant powered with its iCNG technology at INR. 7,39,900
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08/10Asian ADRs Move Sharply Higher in Wednesday Trading
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08/10India's Tata Motors Finance to issue 1-year CP - traders
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08/09Tata Motors launches Tigor XM variant powered with its iCNG technology at INR. 7,39,900
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08/08Tata Motors signs Definitive Agreement for the acquisition of Ford India's Sanand plant
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Analyst Recommendations on TATA MOTORS LIMITED
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Financials
Sales 2023 3 432 B 43 105 M 43 105 M
Net income 2023 57 997 M 728 M 728 M
Net Debt 2023 724 B 9 088 M 9 088 M
P/E ratio 2023 30,1x
Yield 2023 0,01%
Capitalization 1 704 B 21 398 M 21 398 M
EV / Sales 2023 0,71x
EV / Sales 2024 0,58x
Nbr of Employees 73 608
Free-Float 57,4%
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Technical analysis trends TATA MOTORS LIMITED
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Mean consensus BUY
Number of Analysts 30
Last Close Price 477,50 INR
Average target price 529,47 INR
Spread / Average Target 10,9%
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Managers and Directors
Thomas Flack Co-President & Chief Purchasing Officer
Rajendra Petkar Co-President & Chief Technology Officer
Ravindra Kumar G.P Co-President & Chief Human Resources Officer
Pathamadai B. Balaji Group Chief Financial Officer
Natarajan Chandrasekaran Non-Executive Chairman
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