Tata Motors up by 6 per cent on robust JLR sales
Automobile major Tata Motors witnessed a sharp rise of about 6 per cent on the bourses on Wednesday as its wholly-owned subsidiary Jaguar Land Rover (JLR) reported of a jump of 83 per cent in sales for the last fiscal year.
JLR India posted total sales of 4,609 units in the fiscal year 2017-18 as compared to 2,514 units in the previous fiscal year. Further, the company reversed the declining trend in the US markets for the last three months.
The company’s sales for March 2018 grew by 10 per cent on a yearly basis against an industry growth of 6 per cent for the same period. While Land Rover sales increased by 38 per cent on a yearly basis, Jaguar sales declined by 34 per cent on a year-on-year basis.
The company’s new products including fifth-generation all-new Land Rover Discovery and the New Range Rover Velar have received a good response in the markets, and the company is planning to launch 10 new products in India in 2018-19.
In Wednesday’s trade, Tata Motors hit an intraday high of Rs. 363 per share and an intraday low of Rs. 349.85 per share on BSE. The stock also witnessed a spurt in volume by more than 1.05 times as compared to its average volume.
The stock had touched its 52-week high of Rs. 487 per share on May 26, 2017 and its 52-week low of Rs. 324.50 per share on March 26, 2018 on BSE, respectively. At 10:59 hours IST, the stock was trading at Rs. 362 per share, higher by 5.43 per cent on BSE on Wednesday.