M&M, Tata Motors rise 1% on strong sales in March
Shares of Mahindra & Mahindra and Tata Motors rose 1% in morning trade on Monday, after the two auto makers reported strong sales growth for March, as buyers rushed to book their vehicles early to avoid paying a higher excise duty from April 1.
April 02, 2012 / 15:14 IST
Moneycontrol Bureau
Shares of Mahindra & Mahindra and Tata Motors rose 1% in morning trade on Monday, after the two auto makers reported strong sales growth for March, as buyers rushed to book their vehicles early to avoid paying a higher excise duty from April 1.Tata Motors said on Sunday its total sales rose 20% year-on-year to 1,00,414 vehicles. It was the first time ever that the company's monthly sales crossed 1 lakh. Both commercial vehicle and passenger vehicle sales were highest ever in a fiscal year, it said.For March, Tata Motors' passenger vehicle sales accelerated 30% from a year ago to 38,399 units in the domestic market. Its domestic commercial vehicle sales surged 17% to 58,063 units, its highest ever in a month.For the full year, Tata Motors' sales rose 13% year-on-year to 9,06,768 units. The company sold 5,29,980 commercial vehicles in the domestic market, up 19% during 2011-12. However, Tata Motors' domestic passenger vehicle sales, which also include cars sold by Fiat India, were up just 3% from a year ago to 3,29,805 units, reflecting the slowdown witnessed across the sector last year, due to high petrol prices and expensive loans. Meanwhile, Tata Motors is seeing a good demand for its luxury Jaguar and Land Rover vehicles in India. JLR sales in the domestic market surged 157% to 2,288 units in the last fiscal year.Elsewhere, utility vehicle maker Mahindra & Mahindra too reported robust auto sales growth of 25% year-on-year at 47,001 units in March. Its sales growth too was highest ever for the month of March.M&M's passenger vehicle sales, which include utility vehicles like XUV 500, Bolero and Scorpio and Verito sedan, were up 33% to 23,020 units in March.For the full year 2011-12, M&M sold 4,83,246 automobiles, up 28% year-on-year.At 9:50 hrs, Tata Motors was up 1.3% at Rs 278.80, while M&M gained 0.8% at 705.50 on NSE. Also Read: Maruti Suzuki March sales up 3% at 1.26 lakh units Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
