Tata Motors‘ share price jumped over 2.5% Monday to hit another 52-week high of ₹634.80 after the company posted the quarterly sales report for Jaguar Land Rover.

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.

See Also: Why This Tata Stock Is Slumping Today

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.

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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