Tata Motors shares rise on strong JLR sales

6 Jun 2024 , 08:39 AM

Tata Motors Limited shares rose 3% to ₹928 on June 5, driven by strong sales from its British subsidiary Jaguar Land Rover (JLR). At the time of writing, share sof Tata Motors were trading at ₹928 which is a 2.67% hike than the previous close. 

JLR’s sales in May increased by 29% year-on-year, with 6,093 units sold compared to 4,732 units in the same month last year.

The stock has gained 66% in the last one year, and 17.38% since the beginning of the year. Tata Motors shares reached an intraday high of ₹934 before paring some gains.

In Q4, JLR reported another record-breaking quarter, with revenue at 7.9 billion pounds, an 11% increase compared to Q4FY23 and a 6% rise from Q3FY24.

JLR’s FY24 revenue totaled 29 billion pounds, up 27% from the previous year. Tata Motors, India’s largest electric vehicle manufacturer, saw a 222% growth in consolidated net profit, reaching ₹17,407.18 Crore, compared to ₹5,407.79 Crore in the same period last year.

The company expects a slow start to FY25 due to anticipated lower demand for local passenger vehicles amid ongoing elections, although the premium luxury segment is expected to remain strong.

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