Tata Motors jumps on sales growth

Tata Motors has surged for the second straight day on the back of strong Q3 net and sales numbers.

The stock opened at Rs 729 and surged 8.2% to a high of Rs 770. It is now trading with a huge gain of 7.4% at Rs 764. Over 446,000 shares have been traded on the BSE so far, as against the two-week daily average trade of 577,000 shares.

The February sales of the company has grown by 58% to 69,427 units from 43,811 units sold in the same month in 2009.

Moreover, the company had posted a consolidated net profit of Rs 650 crore for the quarter ending December 31, 2009, as against a net loss of Rs 2,598 crore in the corresponding quarter a year ago. The turnaround was driven by revival in demand in the domestic market on introduction of new products coupled with government stimulus.