Tata Motors shares end 1% down despite 8% jump in global sales
The stock fell even as the auto major reported 8 per cent increase in its global sales, including that of Jaguar Land Rover (JLR) vehicles, at 90,695 units in November.
BT Online New Delhi Last Updated: December 10, 2015 | 16:37 IST
Shares of Tata Motors slipped over 2 per cent in trade on Thursday even as the auto major reported 8 per cent increase in its global sales, including that of Jaguar Land Rover (JLR) vehicles, at 90,695 units in November.
The company had sold 83,906 units in the same month last year, Tata Motors said in a statement.
The stock ended 1.18 per cent lower after hitting an intraday low of Rs 385.60, down 2.11 per cent on the Bombay Stock Exchange (BSE).
Brokerage firm Angel Broking noted that JLR is seeing strong traction in the developed markets of Europe and US, while the China markets continue to remain under pressure. The brokerage said it has neutral rating on the stock.
Tata Motors' global sales in the passenger vehicles category stood at 61,629 units last month as against 53,673 units in November 2014, up 15 per cent.
Sales of luxury brand Jaguar Land Rover rose by 23 per cent to 51,021 units in November as compared to 41,318 units in the same month last year.
The company's sales of commercial vehicles in November were down 4 per cent to 29,066 units from 30,233 units a year ago.