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Last Updated : Apr 10, 2019 03:53 PM IST | Source: Moneycontrol.com

Tata Motors jumps 5% after March global wholesales surge 32% MoM, FADA comments

Tata Motors Group global wholesales in March 2019, including Jaguar Land Rover, were at 1,45,459 units, which were sharply higher by 32 percent compared to previous month.

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Tata Motors shares rallied more than 5 percent intraday on April 10 after its global wholesales increased sharply by 32 percent in March compared to previous month.

The stock crossed its Rs 200 levels and rallied more than 25 percent in last 15 days. It was quoting at Rs 215.55, up Rs 9.55, or 4.64 percent amid high volumes on the BSE, at 15:15 hours IST.

Tata Motors Group global wholesales in March 2019, including Jaguar Land Rover, were at 1,45,459 units, which were lower by 5 percent compared to March 2018, but sharply higher by 32 percent compared to previous month (February).

Its global wholesales for February 2019 stood at 1,10,262 units. The growth was driven by passenger vehicles and JLR segments.

Global wholesales of all commercial vehicles and Tata Daewoo range in March increased by 1 percent year-on-year to 57,163 units, but fell 32 percent compared to February.

All passenger vehicles during the month fell 9 percent to 88,314 units compared to March 2018, but jumped 30 percent sequentially.

Global wholesales for Jaguar Land Rover, which has major contribution to total Tata Motors revenue, increased sharply by 41 percent to 70,171 vehicles (which included CJLR volumes) in March MoM.

CJLR, a joint venture between JLR and Chery Automobiles, reported wholesales at 4,812 units for March, which were quite higher compared to 2,561 units in February.

Jaguar wholesales for the month were 20,985 vehicles and Land Rover 49,186 vehicles, increased by 40.6 percent and 41.5 percent MoM, respectively.

Meanwhile, Federation of Automobile Dealers Association told CNBC-TV18 that the worst for auto industry is now behind.

"We expect plateauing of the declining demand," the association said, adding sales will stabilise in the current normal range for next 4-6 weeks.

It said higher retail sales in March have resulted in lower inventory levels and 2-wheeler inventory levels have fallen drastically to 45-50 days.

Dipen Sheth of HDFC Securities told CNBC-TV18 that the stock is at around 1/3rd of its peak price. "After meeting with management recently, we are thinking it to bring back under our coverage and lot of positivity is seen in the stock and the current cure should settle down soon. We are constructive on the stock."
First Published on Apr 10, 2019 03:26 pm
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