Moneycontrol Bureau
Shares of Tata Motors gained 3 percent intraday Monday. Short covering and strong UK sales growth supported the stock today.
Jaguar Land Rover sold 1,922 vehicles in UK in August, registering a 74.3 percent growth compared to 1,103 vehicles sold in the year-ago period.
Jaguar sales jumped 203 percent to 836 vehicles while Land Rover sales increased by 31.3 percent to 1,086 vehicles.
On the domestic front, its sales in August declined 0.5 percent to 40,680 vehicles compared to same month last year, impacted by light commercial vehicle segment but supported by MHCV segment and exports.
Passenger vehicle sales increased by 2 percent to 11,194 units while commercial vehicle sales dropped 4 percent to 24,284 units year-on-year.
Medium and heavy commercial vehicle sales climbed 31 percent to 12,017 units whereas light commercial vehicle sales fell 25 percent to 12,267 units during the same period. Tata Motors said exports grew by 16 percent to 5,202 vehicles in August.
Meanwhile, the stock lost 17 percent in last one month and 36 percent in last one year, especially due to slowdown in Chinese economy as China contributes 20 percent to Jaguar Land Rover sales. Experts feel the growth in European markets and other parts of the world is balancing the company's performance.
At 10:08 hours IST, the scrip of Tata Motors was quoting at Rs 327.25, up Rs 4.40, or 1.36 percent on the BSE.Posted by Sunil Shankar Matkar
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