Tata Motors stock rises after Jaguar Land Rover clocks strong sales in UK market
On Sensex, the stock has been gaining for the last three days and risen 7.61% during the period. The large cap stock rose up to 2.91% to 180.35 level in trade today compared to the previous close of 175.25 on the BSE.
The Tata Motors stock rose in trade today after the home grown auto major's arm Jaguar Land Rover reported better-than-expected UK sales in December. The stock was among the top Sensex and Nifty gainers in trade today.
On Sensex, the stock has been gaining for the last three days and risen 7.61% during the period.
The large cap stock rose up to 2.91% to 180.35 level in trade today compared to the previous close of 175.25 on the BSE. It opened at 176.30 level. The stock has lost 58.82% during the last on year.
JLR reported a rise of 6.9 percent in December 2018 UK sales at 6,625 units compared to 6,195 units in December 2017.
UK sales for Jaguar rose 14.7 percent to 2,304 units last month compared to 2,099 units in December 2017.
Land Rover UK sales also rose 3.2 percent at 4,321 units in December 2018 compared to 4,186 units in the corresponding month of the previous year.
24 of 38 brokerages rate the stock "buy" or 'outperform', 11 "hold", 2 "underperform" and 1 "sell", according to analysts' recommendations tracked by Reuters. The stock is trading above its 50-day moving average of 172.67 but below its 200-day moving average of 221.10.
The stock has been rising this year after JLR reported 24% higher sales in the US at 14,079 units in December 2018 compared to 11,394 units last year. Total Land Rover US sales rose 33 percent at 10,617 units against 7,980 units last year.
Jaguar US sales rose 1.4 percent at 3,462 units against 3,414 units in December 2017.
However at home, Tata Motors could not escape the drag on domestic sales which hit auto firms in December.
The Tata Group's auto arm reported a 8 per cent fall in domestic sales to 50,440 units in December as compared with 54,627 units in the same month last year.
The company's passenger vehicle sales in the domestic market rose 1 per cent to 14,260 units last month, compared with 14,180 units in December 2017.
The company said its commercial vehicle sales in the domestic market stood at 36,180 units in December, down 11 per cent from 40,447 units in the same month last year.
Total exports during the month stood at 3,999 units, against 6,293 units in December last year, showing a dip of 36 per cent, the firm said.
Meanwhile, the Sensex and Nifty were trading flat in afternoon trade.
While the Sensex was trading 2 points lower at 35,848, Nifty lost 7 points to 10,764 level.