Tata Motors has rallied 5% to Rs 1,199 after reporting almost four-fold jump in its consolidated net profit to Rs 2,424 crore for the quarter ended December 31, 2010, beating market forecasts. Net profit in the year-ago period stood at Rs 650 crore profit.
Consolidated net sales for the quarter grew to Rs 32,544 crore, an increase of 22% over the Rs 26,678-crore net sales in the same quarter a year earlier. The higher sales were primarily due to strong demand and better realisations from JLR products.
The auto major standalone net profit stood at Rs 410 crore, a growth of 2.5%t, against Rs 400 crore in the year-ago period.
The stock opened at Rs 1,194 and hit high of Rs 1,204 on the NSE. Around one million shares have changed hands on the counter on opening deals.
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