Tata Motors jump 10% after EV investment pledge

Indian shares hit record highs on Wednesday, as Tata Motors surged after pledging to boost investments in its electric vehicle business, while an emergency use nod for Bharat Biotech’s COVID-19 vaccine in kids also supported sentiment.

The NSE Nifty 50 index (.NSEI) was up 0.56% at 18,080.31, while the S&P BSE Sensex (.BSESN) rose 0.38% to 60,501.22 by 0345 GMT.

Tata Motors jumped 10% and was the top boost to the Nifty 50 index. The Jaguar Land Rover parent said on Tuesday it would invest over $2 billion in its EV business over the next five years, after the automaker announced it had raised funds from private equity firm TPG.