Tata Motors extends gain on strong JLR retail sales in September
So far in October, the stock has rallied 14% as compared to 6% rise in benchmark index and 8% gain in auto sector index.
Tata Motors is trading higher by nearly 2% at Rs 378, also its new high on BSE, after the company’s UK subsidiary Jaguar and Land Rover (JLR) registered a better-than-expected growth of 17% year-on-year (yoy) in retail sales in September 2013, driven by the robust performance of the recently launched models and Range Rover Evoque.
The stock has rallied 14% in so far in October as compared to 6% rise in benchmark index and 8% gain in auto sector index in past seven trading sessions.
Geographically, the volume momentum sustained across all the major markets with China and Asia Pacific regions witnessing an impressive growth of 45.8% and 29.2% yoy respectively.
Analyst at Angel Broking expect JLR to sustain its strong performance driven by continued momentum in the global luxury vehicle market and aided further by the strong product launch pipeline and the success of the model launched in 4QFY2013.
The stock has rallied 14% in so far in October as compared to 6% rise in benchmark index and 8% gain in auto sector index in past seven trading sessions.
Geographically, the volume momentum sustained across all the major markets with China and Asia Pacific regions witnessing an impressive growth of 45.8% and 29.2% yoy respectively.
Analyst at Angel Broking expect JLR to sustain its strong performance driven by continued momentum in the global luxury vehicle market and aided further by the strong product launch pipeline and the success of the model launched in 4QFY2013.