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NEW DELHI: Tata Motors shares surged further 11 per cent on Tuesday amid buzz over partnership with Tesla and encouraging sales numbers from Jaguar Land Rover (JLR) for the third quarter.
Shares of the company were trading at Rs 244.10, up 10.90 per cent on BSE. On NSE, it gained 10.51 per cent. On Monday, shares had climbed 13 per cent.
Tata Motors, in a release, said JLR’s retail sales for the quarter ending December 2020 were 128,469 vehicles, 13.1 per higher than the 113,569 vehicles sold in the preceding quarter, but down 9 per cent on the same period last year.
“China sales were particularly encouraging, up 20.2 per cent on the prior quarter and 19.1 per cent year-on-year. Retail sales in most other regions also continued to recover and were up significantly on the prior quarter in North America (+31.7 per cent), Overseas (+26.6 per cent) and Europe (+20.5 per cent),” said the company.
Electric vehicles: the next growth driver
After recently launching Jaguar XE, Jaguar XF, and Land Rover Discovery, the company is building further on its expansion plans in the EV segment. It remains committed to its electrification strategy and has a growing portfolio of electrified Jaguar and Land Rover vehicles extending to 12 models across its portfolio. JLR also plans to continue with the rollout of its new range of 21 Model Year vehicles.
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Over the last few years, Tata Motors has channelised a significant part of its efforts towards the development of electric vehicles and the results are showing now. Suraj Ghosh, principal analyst at IHS Markit says that while Tata began its journey with the Tigor EV, it s the success of Nexon that made the difference. “The Nexon has hit a nice balance between affordability and parity with ICE-vehicles (internal combustion engine vehicles) as it demands only about 20% premium over its top-trim diesel automatic variant,”
Shares of Tata group companies were in focus with five stocks – Tata Chemicals, Tata Consumer Products, Tata Elxsi, Tata Investment Corporation and Voltas – from the group hitting record highs on the BSE in the intra-day trade on Tuesday. Tata Consultancy Services (TCS) hit an all-time high on Monday, while Tata Motors, which has rallied 26 per cent in the past two trading days, was trading at its 52-week high level. In the past one month, most of the frontline Tata group stocks have outperformed the market by surging up to 35 per cent on improved economy outlook. In comparison, the S&P BSE Sensex was up 7 per cent during the same period. Tata Motors and Tata Elxsi soared 35 per cent and 33 per cent, respectively while Tata Power Company, TCS, Voltas, Tata Steel and Tata Metaliks gained in the range of 13 per cent to 18 per cent.
Explained: Why Tata Motors shares jumped more than 10% today
Explained: Why Tata Motors shares jumped more than 10% today
Tata Motors shares hit a fresh 52-week high in morning trade after a sharp rally on Monday. A recovery in Tata Motors-owned Jaguar Land Rover (JLR) seems to be the push behind its euphoric run on the stock market.
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UPDATED: January 12, 2021 21:09 IST
Shares of Tata Motors rose over 10 per cent for a second consecutive day in morning trade. (Photo: Reuters)
One of India’s biggest automaker, Tata Motors, has managed to shine for a second consecutive day on the stock market due to recovery in sales. The company s shares hit an upper circuit of 10 per cent and jumped to Rs 242.10 against its previous day’s closing of Rs 220.10 on the BSE.