What Happened: During the quarter that ended in June 2023, Jaguar Land Rover (excluding China JV) experienced a significant 30% year-on-year increase in wholesales, amounting to 93,253 units. Additionally, retail sales saw a robust growth of 29% year-on-year, reaching 1.01 lakh units.
The Tata Group company also reported that JLR’s order book remains robust, with a total of 185,000 units, which indicates strong demand from clients. The company is scheduled to post its results for the quarter on July 25.
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What Are Analysts Saying?
Global brokerage firm CLSA maintained its ‘buy’ call for the stock as it sees Tata Motor’s share price going up to ₹690. The firm said the improvement in wholesale numbers for JLR was encouraging. The firm added that the path to higher margins and strong cash flow generation remains clear.
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JP Morgan, on the other hand, maintained the ‘neutral’ rating on the stock with a price target of ₹540. The company said that while JLR’s wholesales were in line and retail sales grew sharply its order book declined on a quarter-over-quarter basis.
Price Action: Tata Motors’ share price was up 2.27% to trade at ₹632.25 in the early hours of trading on Monday.
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