Tata Motors share price ends over 10% higher on rise in JLR's UK sales
BusinessToday.In February 5, 2020
Tata Motors share price closed higher today after its subsidiary luxury carmaker Jaguar Land Rover (JLR) logged a 2.8 percent year-on-year growth in UK sales. Share price of Tata Motors closed 10.89% or 18.05 points higher at Rs 183.5 compared to the previous close of Rs 165.70 on BSE.
Market capitalisation of Tata Motors rose to Rs 66,103 crore in trade today.
39.49 lakh shares of the firm exchanged hands amounting to turnover of Rs 70 crore on BSE. The large cap stock has gained 12.15% in last two days. The stock has gained 4.67% in last one year and fallen 0.73% since the beginning of this year.
The auto stock opened higher at Rs 167.20 today and traded in the green throughout the session. The stock has rallied 47% in the last six months amid improvement in domestic passenger sales.
JLR logged sales of 7,938 vehicles in January in UK compared with 7,722 vehicles sold in the same month last year.
Sales rose 28.6 percent month-on-month. Jaguar sales climbed 9.6 percent year-on-year (up 25.33 MoM) to 2,325 vehicles, while Land Rover sales gained marginally by 0.2 percent (up 30 percent MoM) to 5,613 units in January 2020.
In third quarter of current fiscal, Tata Motors reported a consolidated net profit of Rs 1,738.30 crore helped by aggressive cost-cutting measures and stronger performance from Jaguar Land Rover (JLR). The company had posted worst ever quarterly loss of Rs 26,992.54 crore in the corresponding quarter last year due to one-time non-cash charge for asset impairment of its UK subsidiary Jaguar Land Rover at Rs 27,838 crore.
Consolidated revenue for October-December period declined by 6.81 per cent to Rs 71,676.07 crore as compared to Rs 76,915.94 crore in the same quarter last year, Tata Motors said in a filing to the Bombay Stock Exchange after market hours.
The operating profit or EBITDA (earnings before interest, tax, depreciation and amortisation) margin stood at 9.9 per cent during December quarter.
By Aseem Thapliyal