Commodity Online
MUMBAI: As the bookings started for the most sought after Rs.one Lakh car, Tata Nano, Company shares witnessed a buying spree on the Bombay Stock Exchange today.

The stock surged to Rs.235.30 making it a day’s high for today and settled at Rs.225.15 up marginally by almost 1% from its previous closing. Tata Motors has opened the bookings for its Nano car, which has created much curiosity among the citizens due to its lowest cost.



The company is said to have sold more than 1 lakh application forms for its Nano model so far and dealers reportedly expect at least half the number to book the car over the next 16 days. The first phase of booking for the first batch of 1 lakh units of Nano will close on 24 April 2009.

Within 60 days of the closure of bookings, Tata Motors will process and announce the allotment of 1 lakh cars in the first phase of deliveries, through a computerized random selection process. The Tata Nano was launched in three models - Base, CX and LX.
The small car is currently being manufactured at the company's Pantnagar plant in Uttarakhand in limited numbers. The new dedicated plant, at Sanand in Gujarat, will be ready in 2010 with an annualized capacity of 3,50,000 cars.

Company stocks have surged over 40% over past one month on the BSE. Priced at Rs.132.10 during March, the stock has surged to Rs.225 recently making it the monthly high.

Tata Motors sold 52,686 vehicles in March 2009, up 24% compared with 42,493 in February 2009. Total sales in March 2009 including exports were 54,485 units, up from 43,807 in February 2009. Demand from automobile sector seems to have got a booster dose after the government’s announcement of 2% cut in excise duty.

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