A jump in the sales of Jaguar Land Rover (JLR), one of the premium offerings of Tata Motors, in the UK led to a surge in the company's shares in the Indian stock markets on March 6.
As per the numbers released for February 2023, Tata Motors recorded a total sales of 1,670 units of JLR in the British market during the month, which is 33 percent higher as against 1,253 units sold during the year-ago period.
This led to a noticeable jump in the stock of Tata Motors, which climbed by nearly three percent to cross the Rs 440 mark.
At 3:30 pm, the shares settled at Rs 440.70 apiece at the BSE, which was 2.97 percent higher than the closing price of March 3. At the NSE, it settled at Rs 440.10, marking a 2.83 percent surge as against the ending price of the last trading session.
The 33 percent year-on-year jump in JLR's UK sales has been reported days after a leading British daily said that Tata Motors has sought over £500 million in aid from the UK government for setting up a battery factory.
The factory, which Tata Motors is reportedly considering setting up in Somerset in partnership with Chinese battery maker Envision, will be critical in supporting the manufacturing of JLR's fleet of electric vehicles.
The report, published in Financial Times last week, said sources have claimed that Tata Motors has given "weeks" to the UK officials to pledge financial support. The company is weighing the option of setting up the plant in Spain if the talks with the British government fail to yield results, the persons aware of the development told the newspaper.
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!
