Shares of Tata Motors zoomed as much as five percent on October 13 to hit a new 52-week high as investors cheered its subsidiary Jaguar Land Rover's highest-ever performance in H1FY24, driven by record sales in both quarters.
During April-September period, JLR reported sales of 2,356 units, a 105 percent year-on-year (YoY) growth, with Q2 witnessing a 108 percent YoY growth and retail of 1,308 units. JLR India had previously reported a 102 percent sales growth in Q1, compared to the same period last year.
JLR's order book in the current fiscal has seen consistent growth, with H1 closing order book 90 percent higher compared to the same period last year. The company said its certified pre-owned business grew by 83 percent in the first half of FY24. The strong sales performance in the first half was firmly supported by the successful launch of the 24MY Range Rover Velar.
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The rising demand for the Range Rover, Range Rover Sport, and Defender, which contributed to 72 percent of the total order book, also boosted the performance. Defender was the best-selling JLR model as the auto major sold 1,000 units in H1FY24. According to the company statement, its current total order book covers more than eight months of sales.
Separately, Tata Motors is on-track to sell about 1,00,000 electric passenger cars (e-PCs) during FY, according to Vivek Srivatsa, Head Marketing, Sales and Service Strategy at Tata Passenger Electric Mobility. In the first of FY24, the auto major has sold 36,500 e-PCs as against 50,443 units sold in FY23. The company aims to 1 lakh units in the current fiscal. Srivatsa said recently.
On October 13, Tata Motors shares closed 4.73 percent higher at Rs 667.10 on the NSE. The stock has gained nearly 70 percent in 2023, delivering positive returns in 8 of the 10 months so far this year. In comparison, the Nifty Auto index has rallied around 30 percent during this time.
Tata Motors was among the stocks that mutual funds (MFs) bought with both hands in September as the stock saw MF buying to the tune of Rs 1,180 crore.
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Tata Motors India is a leader in domestic CV space with around 40 percent market share, and the third largest player in the PV segment with around 14 percent market share are of FY23.
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