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Tata Motors Ltd (NYSE:TTM)
Shares Outstanding
638 Mil (As of Dec. 2013)

Shares outstanding are shares that have been authorized, issued, and purchased by investors and are held by them. Tata Motors Ltd's shares outstanding for the quarter that ended in Dec. 2013 was 638 Mil.

Tata Motors Ltd's quarterly shares outstanding stayed the same from Sep. 2013 (638 Mil) to Dec. 2013 (638 Mil).

Tata Motors Ltd's annual shares outstanding declined from Mar. 2012 (656 Mil) to Mar. 2013 (638 Mil). It means Tata Motors Ltd bought back shares from Mar. 2012 to Mar. 2013 .


Definition

Shares outstanding are shares that have been authorized, issued, and purchased by investors and are held by them. They have voting rights and represent ownership in the corporation by the person that holds the shares. They should be distinguished from treasury shares, which are shares held by the corporation itself, having no exercisable rights.

Shares outstanding can be calculated as either basic or fully diluted. The fully diluted shares outstanding count includes diluting securities, such as options, warrants or convertibles.


Explanation

A company may buy back shares or issue shares in any fiscal period. If a company buys back shares, we should observe that the total number of shares decline. If the company issues new shares, the number of shares outstanding increases.

If a company buys back shares, we should also observe negative number for Net Issuance of Stock in its cash flow statement. If a company issues shares, we will observe positive number of Net Issuance of Stock.


Be Aware

Usually the presence of treasury shares and a history of buyback are good indicators that company has competitive advantage. But studies have shown that companies usually buy back at wrong time. Buying back shares below its intrinsic value increases value for remaining shareholders. Buying back overvalued shares destroys value for existing shareholders.


Related Terms

Net Issuance of Stock, Buy Back Rate


Historical Data

* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.

Tata Motors Ltd Annual Data

Mar04Mar05Mar06Mar07Mar08Mar09Mar10Mar11Mar12Mar13
Shares Outstanding 363389399407422413464598656638

Tata Motors Ltd Quarterly Data

Mar11Dec11Mar12Jun12Sep12Dec12Mar13Jun13Sep13Dec13
Shares Outstanding 518558560635635635638638638638
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