Tata Motors share price closed higher today after the auto firm said sales of its UK arm Jaguar Land Rover (JLR) continued to recover for the fourth consecutive month in China. Tata Motors stock hit intra day high of Rs 172.9, a rise of 2.22% on the BSE. It erased some of its gains and ended 1.68% higher to Rs 172 compared to the previous close of Rs 169.15 on BSE. The stock has gained after two days of fall.
However, the large cap stock has lost 12% in one year and fallen 0.35% since the beginning of this year. JLR reported a fall of 5.5% in retail sales for October 2019 to 41 ,866 vehicles compared to October 2018.
However, sales continued to recover in China rising 16.2% year-on-year, the fourth consecutive month of double-digit sales growth in the region. UK sales fell 18.7% for the month, bringing the year-to-date figure to 4.2% down, which is in line with industry trends.
While sales were flat (-0.3%) in North America , they fell 7.9% in Europe and 10.8% in overseas.
Tata Motors said sales of latest models continued to grow, with the new Range Rover Evoque rising 31.4%, the Jaguar I-PACE up 9.1 %, and the refreshed Land Rover Discovery Sport up 3.4% year-on-year.
Sales of the Range Rover Sport grew 7 .2%. Land Rover retail sales in October stood at 31 ,260, up 2.4% year-on-year, and Jaguar sales fell 22.9% year-on-year to 10,606 vehicles.