Shares of Tata Motors extended their uptrend to the fifth straight session and rose 1.5 percent to hit a fresh lifetime high of Rs 804 on January 2. This was after the carmaker reported a 5 percent on-year rise in total sales in December.
Total sales in December came at 77,855 units, up from 74,356 sold a year back and also higher than CNBC-TV18 estimate of 75,233 units.
While sales of commercial vehicles were up 1 percent on-year to 34,180 units, those of passenger vehicles jumped 8 percent to 43,675 units in the months.
For the October-December quarter, total domestic sales were up 3 percent year-on-year. "The year-on-year growth trend witnessed during past quarters paused in Q3 FY24 on account of the higher base effect, impact of elections held across five states, and the post-festive season slowdown in rural consumption," Girish Wagh, executive director of Tata Motors stated in an exchange filing.
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However, Wagh remained optimistic of the trend ahead as he expects demand to improve in Q4 FY24 across most segments of the CV industry due to the government’s continuing thrust on infrastructure development, the promising growth outlook of the economy along with the company's demand-pull initiatives.
At 9.30am, shares of Tata Motors were trading nearly 1 percent higher at Rs 795.50 on the NSE. Shares of the automaker have surged nearly 13 percent in the past month, scaling greater all-time highs in the recent sessions of the back of its strong growth prospects.
Tata Motors was also the only Nifty 50 stock that saw its price double in 2023 as it ended the year near its all-time highs. The scrip also makes it to the top picks among auto stocks for most brokerages on the back of a robust outlook for its JLR business, a strong prospects for its electric vehicles, and demand for SUVs amid a rise in disposable incomes.
Also Read | Driving out in style: Tata Motors becomes first Nifty stock to double in 2023
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