Tata Motors‘ share price was upbeat on Monday as the auto major posted its sales data for the month of May. The stock went up over 4% to hit an intraday high of ₹963.
What Happened: The Tata Group company registered sales of 76,766 units in May 2024, marking a 2.3% increase from the 74,973 units sold in May 2023. The number was around 6% lower than Nomura’s estimates of around 81,800. Total domestic sales grew by 2% to 75,173 units, up from 73,448 units in May 2023.
The stock is upbeat today as the broader market is showing strength today after a volatile period in May. The markets have been rocketing as exit polls predict a thundering return of the incumbent government. Both benchmark indices Nifty and Sensex hit all-time highs today.
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Commercial vehicle sales also rose by 2%, from 28,989 units in May 2023 to 29,691 units in May 2024. Passenger vehicle sales, including electric vehicles, saw a 2% rise, reaching 47,075 units compared to 45,984 units in the same period last year. However, EV sales declined by around 4%, with 5,558 units sold in May 2024 compared to 5,805 units in May 2023.
Last month, the auto giant's net profit for the quarter surged to ₹17,529 crore, a multifold increase compared to the ₹5,407.8 crore posted in the same quarter last year. This impressive figure, however, included a deferred tax of ₹9,478.24 crore. The company’s consolidated revenue from operations for the quarter was ₹1.19 lakh crore, marking a 13.3% increase from the ₹1.05 lakh crore reported a year ago.
Price Action: Tata Motors’ share price was up 2.56% to trade at ₹946.60 as the markets opened on Monday.
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