Tata Motors share price rose over 8% in Tuesday's early session after Jaguar Land Rover's retail sales in the September quarter grew over 50% than its preceding quarter.
Jaguar Land Rover's retail sales for the quarter ending September 30, 2020, were 113,569 units, up over 50% from sales of 74,067 in the prior quarter, while down 11.9% from pre-Covid levels a year ago.
Retail sales for other regions also significantly improved from the prior quarter, including the UK, Europe, North America and overseas, the company said.
Following the press release, Tata Motors stock price opened with a gain of 2.91% today at Rs 137.80 and later touched an intraday high of Rs 145.1, rising 8.36% over the earlier closing of Rs 133.90. The stock price of Tata Motors also touched an intraday low of Rs 135.90 on BSE today.
Tata Motors shares have risen 9.95% returns in the last 4 days of consecutive gains. Tata Motors share is trading higher than 5, 20, 50, 100 and 200-day moving averages. The market capitalisation of the auto stock stood at Rs 44,851.90 crore.
The company said while the sales have improved on a sequential basis, they continue to be impacted by Covid-19.
"Covid-19 and second lockdowns continue to impact the global auto industry but we are pleased to see sales recovering across our markets. In China, the first region to come out of lockdown, our performance has been particularly encouraging," the filing added later.
Copyright©2023 Living Media India Limited. For reprint rights: Syndications Today