Tata Motor’s share price continued to make gains for the second straight session going up over 1% at market open on Friday.
What Happened: The surge today comes as the Tata Group company posted the sales figure for its subsidiary Jaguar Land Rover. In the September quarter, JLR’s total wholesales amounted to 96,817 units, marking a 29% increase compared to the same quarter last year and a 4% increase compared to the previous quarter.
These wholesale figures exclude those from the China joint venture. For the first half of FY24, wholesales reached 190,070 units, representing a 29% year-on-year growth. Retail sales during the July-September period totalled 106,561 units, reflecting a 21% rise compared to the same period last year and a 4% increase compared to the previous quarter. For the first half of the FY24, Retail sales amounted to 208,555 units, indicating a 25% year-on-year growth.
The auto giant also said that its order book remains robust, with 168,000 units, which is gradually decreasing in line with the fulfilment of client orders. Demand for the company’s most profitable models, including Range Rover, Range Rover Sport, and Defender, accounted for 77% of the total orders. JLR will report full financial results for Q2 FY24 at the beginning of November.
Reacting to the numbers, brokerage firm Nomura maintained its ‘buy’ rating on the stock with a target price of ₹786. The price indicates a 27% upside from the stock’s last closing price of ₹619.60. The global brokerage said that with increased production in the second half of the financial year, the company is on track to hit its estimates.
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Price Action: Tata Motor’s share price was up 0.65% to trade at ₹623.65 as markets opened on Friday.
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