Tata Motors, the renowned Indian automobile manufacturer, witnessed a significant upswing in its shares during Friday’s morning trade, surging by almost 5%. This surge was fueled by the company’s impressive consolidated net profit of ₹3,783 crore for the quarter ending September 30, 2023, marking the fourth consecutive quarter of positive results.
The driving force behind this success was the stellar performance of its British subsidiary, Jaguar Land Rover.
On the Bombay Stock Exchange (BSE), Tata Motors’ stock saw a remarkable rise of 4.49%, reaching ₹665.45. Simultaneously, at the National Stock Exchange (NSE), the stock climbed by 4.64%, reaching ₹666.
This robust performance signifies a noteworthy turnaround for the homegrown auto giant, especially considering its previous year’s net loss of Rs 898 crore during the same quarter.
Industry analysts attribute Tata Motors’ resurgence to various factors. A significant increase in domestic market volumes, coupled with a decline in commodity prices, played a pivotal role in enhancing the company’s profitability.
Additionally, Jaguar Land Rover’s successful volume ramp-up and improved operating leverage further contributed to this positive trend.
As of 12:43 pm, Tata Motors’ shares continued their upward trajectory, trading 2.32% higher at ₹651.20.
