Tata Motors gained 9 percent intraday on April 2 on top of yesterday's 6.33 per cent gain, as the company announced its domestic sales recorded 16% growth in FY19.
Despite the automotive company reporting a 1 percent dip in total sales at 68,709 units in March as compared to 69,409 units in the same month last year, Tata Motors met Nomura expectation of 68,500 units. The automaker stated that sales in March 2019 continued to be impacted by weak market sentiments.
The automaker's share opened at Rs. 188.75 on BSE and made a low of Rs. 185.25 at 9:15 am. At 11:30 am, the stock rose to its day high Rs. 193, 3.28 per cent up.
Tata Motors shares ended 8.36 per cent higher at Rs. 202.80 on BSE and at Rs. 203.50 on NSE, respectively.
At 2:00 pm, it reclaimed Rs 200 value which was last achieved on November 9, 2018 to rise as much as 9 per cent and scored day's high of Rs 204 before the market closed.
On NSE, the share rose 9.1 per cent to intraday high of Rs. 204.40 against the previous close of Rs. 187,35.
The share price of Tata Motors moved above its 150-day simple moving average. The share price has outperformed the sector by 6.40 per cent. It has been consecutively gaining for the last 4 days at the rate of 19.36 per cent.
As many as 67.93 lakh shares changed hands on the BSE and another 100.83 lakh shares on NSE (both above the 5,10, 30-day average volume of the stock). The shares were trading in a wide range of Rs 18.75.
Tata Motors' domestic market segment (for both commercial and passenger vehicles sales), grew by 16 per cent with 678,486 units as compared to 586,507 units for FY19 (April 2018 - March 2019). However, the automakers' sales from exports (CV and PV) in March 2019 stood at 5,952 units, lower by 11 per cent compared to last year.
"The slow sales figures were due to new regulations and political uncertainty in Sri Lanka and a slump in the Middle-East affecting the overall Industry volumes in these markets," the company said in the statement.
(Edited by Rupa Burman Roy)