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Tata Motors share rises 4% after Q3 global sales climb 37%

BusinessToday.In     January 13, 2021

Tata Motors shares rose 4% higher on Wednesday as the auto major released the Group's global wholesales numbers for the third quarter of Financial Year 2020-21

Rising for the ninth consecutive day, the stock price of Tata Motors opened with a gain of 2.31% today at Rs 243.30 and touched an intraday high of Rs 248.8, rising 4.63% against last close of Rs 237.80. The stock rose to a low of Rs 238.55 on BSE during the session.

Yesterday, shares of Tata Motors hit upper circuit of 10% to Rs 242.10 against the previous close of Rs 220.10 on BSE.

For the quarter that ended on December 31, 2020, Tata Motors Group's global wholesales witnessed a 37% sequential growth to 2,78,915 units (including Jaguar Land Rover) from 2,02,873 units for the quarter that ended on September 30, 2020, and a marginal 1% YoY growth as compared to 2,76,127 units sold during the October-December period in 2019.

Tata Motors stock is trading higher than 5, 20, 50, 100 and 200-day moving averages. The stock has risen 32% in the last 9 days of straight gains.

Tata Motors share price has gained 35% in a month. Year-to-date, the stock has given 32% returns to investors.

Market capitalisation of Tata Motors stood at Rs 74,907.62 crore today. The stock trades mere 2.89% away from 52 weeks high of Rs 249.5. Tata Motors has earlier hit a 52-week low of Rs 63.60 this year. Share of the auto major has risen 23% in one year.  

The rise in stock can be attributed to the recovery of JLR sales in China.

In Q3, retail sales rose 13.1% to 128,469 vehicles against 113,569 vehicles sold in the preceding quarter. However, they were down 9 per cent when compared to same period last year.

The stock closed 1.98% higher at Rs 242.50 on BSE today.

Meanwhile, benchmark indices closed flat after hitting record highs in Wednesday's early trade, with Sensex nearing 50K mark for the first time. In today's session, Sensex and Nifty hit fresh lifetime highs of 49,260 and 14,474, respectively.

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