Tata Motors rallies ~7% on growth in JLR wholesale volumes in Q3FY23

10 Jan 2023 , 12:30 PM

Tata Motors’ shares gained as much as 7% in Tuesday’s trade.

Jaguar Land Rover (JLR) has forecasted free cash flow for the third quarter at more than 400 million pounds ($485 million) on January 9, after reporting a 15% increase in wholesale volumes for the period due to strong demand and improved chip supply.

The Tata Motors Group’s global wholesales in Q3FY23, which included Jaguar Land Rover, were 3,22,556 units, up 13% from Q3FY22. In Q3FY23, global wholesales of all Tata Motors commercial vehicles and the Tata Daewoo range were 97,956 units, a 5% decrease from Q3FY22.

Global wholesales of all passenger vehicles were 2,24,600 units in Q3FY23, up 23% from Q3FY22.

Following this development, Tata Motors was trading at Rs417.05, up by 7.09% against the previous close of Rs389.45 on NSE. The counter hit an intraday high and low of Rs417.75 and Rs400 respectively.

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