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Last Updated : Jun 07, 2016 10:51 AM IST | Source: Moneycontrol.com

Tata Motors hits new 52-week high, JLR sales in China jump 28%

Luxury car maker JLR has reported a solid 18 percent growth year-on-year by selling 44,946 units in May. It was largely supported by Jaguar sales that grew sharply by 90 percent to 10,633 units while Land Rover registered a 6 percent growth at 34,313 units.

 
 
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Tata Motors shares touched fresh 52-week high of Rs 467, rising 1.35 percent intraday Tuesday after Jaguar Land Rover's May retail sales growth. The stock has consistently been showing good momentum from the beginning of June, especially after strong commercial vehicles and JLR's UK & US sales data in May.


Luxury car maker JLR has reported a solid 18 percent growth year-on-year by selling 44,946 units in May. It was largely supported by Jaguar sales that grew sharply by 90 percent to 10,633 units while Land Rover registered a 6 percent growth at 34,313 units.

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Its China sales in May increased 28 percent and Europe 24 percent compared to year-ago period.


Strong China sales data indicated that the company managed to gain momentum back after more than one year of crisis in the world's second largest economy.


"What they have done is they have just moved the geography focus from China to UK and US, UK sales at 36 percent growth is phenomenal. Smaller cars like the XE, the mini Jaguar as they call it, was doing well but it seems to be even at the Land Rover level which is very high margin business. So, they have got the mojo back and it is now that the cash flows will turn positive and help them do a lot of things which were actually put on the backburner," Prakash Diwan of prakashdiwan.in said.


He expects some profit booking in the stock after run up in the last one week of 15-16 percent.


At 10:12 hours IST, the scrip of Tata Motors was quoting at Rs 462.60, up Rs 1.85, or 0.40 percent on Bombay Stock Exchange.



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First Published on Jun 7, 2016 10:41 am
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