Share prices of Tata Motors soared over 13% today: Why?
The share price of TATA Motors rallied over 13 per cent today to hit a fresh 52-week high of Rs 249.50 apiece on Bombay Stock Exchange (BSE). This comes after the luxury carmaker reported positive sales numbers from Jaguar Land Rover. The company claimed that it’s subsidiary Jaguar Land Rover (JLR) has posted a second successive quarter-on-quarter recovery in sales, despite the ongoing impact of Covid-19 pandemic.
“Jaguar Land Rover marked the end of 2020 with a second successive quarter-on-quarter recovery in sales, despite the continuing impact of Covid-19,” Tata Motors said, in a press release on Monday.
The automaker giant’s retail sales stood at 1.28 lakh units for the quarter ending December 31, 2020, up by 13.1 per cent from 1.13 lakh vehicles sold in the previous quarter while the company posted 20.2 per cent growth in sales as compared to the previous quarter, while it rose 19.1 per cent on-year. The company informed that the sales of the new Land Rover Defender witnessed retails soaring up to 16,286 vehicles in the third quarter of the current fiscal, up 66 per cent from the preceding quarter.
Retail sales of the company in most other regions also continued to recover as sales in North America were up 31.7 per cent as compared to the previous quarter while those in Overseas and Europe were up 26.6 per cent and 20.5 per cent, respectively.