Tata Motors up 4% after rise in JLR April retail sales

The stock moved higher by 4% to Rs 347 after JLR reported 11.9% y-o-y growth in total retail sales of 45,180 vehicles in April 2018.

Shares of Tata Motors have moved higher by 4.4% to Rs 347 per share on the BSE after the company owned car-maker in UK, Jaguar Land Rover (JLR) reported 11.9% year on year (y-o-y) growth in total retail sales of 45,180 vehicles in April 2018.

Sales were primarily driven by the introduction of new models including the Range Rover Velar (winner of the 2018 World Car Design of the Year award), Land Rover Discovery and the Jaguar E-PACE, the company said in a press release.

Retail sales for April were up significantly y-o-y in China (28.9%), the UK (25.9%), Overseas markets (21.3%) and North America (2.5%) but down in Europe (-10.2%), with continuing uncertainty over diesel in the UK and Europe, it added.

"It's pleasing to see a marked improvement in the UK. This is mainly due to two all-new models now being on the market but also an artificially low April 2017 caused by taxation changes. The legislative uncertainty around diesel and the resulting lower demand in the UK and Europe continue to have a negative impact on our business,” said Felix Brautigam, Jaguar Land Rover Chief Commercial Officer.

In March 2018, retail sales were 83,732 down 7.8% y-o-y primarily due to lower UK sales and to lesser extent lower sales in Europe.

At 11:18 am; the stock was trading 3.8% higher at Rs 345 on the BSE, as compared to 0.14% rise in the S&P BSE Sensex. A combined 8.89 million shares changed hands on the counter on the BSE and NSE so far.