Tata Motors Shares Upbeat As January Sales Beat Estimates

Shares of Tata Motors remained upbeat on Thursday afternoon as the company posted its sales numbers for the month of January.

What Happened: Tata Motors’ total sales for January 2024 stood at 86,125 vehicles, compared to 81,069 units sold during January 2023. The number was higher than Nomura’s estimate of around 82,800.

The growth in number was led by the domestic passenger vehicle business. The company sold 53,633 units in January 2024, up 12% from the 47,987 units sold in the same month last year. EV sales also showed great momentum, with sales reaching 6,979 compared to 4,133 sold in January 2023.

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Total domestic sales went up 6% to 84,276 units from 79,681 sold in January 2023. Commercial Vehicle sales saw a minor dip at 32,092, down around 2% from the 32,780 units sold in the same month last year.

Tata Motors’ share price has been on a tremendous bull for the past few days. In just the last five sessions, shares of the auto giant have surged up close to 10%.

Price Action: Tata Motors’ share price was up 0.18% to trade at ₹885.75 on Thursday afternoon.

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