Tata Motors drops after poor JLR sales

Tata Motors lost 2.56% at Rs 190.40 at 10:08 IST on BSE after the company's subsidiary Jaguar Land Rover reported 4.6% decline in total retail sales to 44,282 vehicles in October 2018 over October 2017.

The announcement was made after market hours on Friday, 9 November 2018.

Meanwhile, the S&P BSE Sensex was up 55.41 points, or 0.16% to 35,213.96

On the BSE, 4.77 lakh shares were traded in the counter so far compared with average daily volumes of 21.36 lakh shares in the past two weeks. The stock had hit a high of Rs 194.85 and hit a low of Rs 190.40 so far during the day.

Jaguar Land Rover (JLR) reported total retail sales of 44,282 vehicles in October 2018, down 4.6% year on year despite strong sales of newer models, namely the Jaguar I-PACE and E-PACE and the refreshed Range Rover and Range Rover Sport. Retail sales rose significantly in the UK (46.9%) and North America (24.1%) with these new models.

Sales in China decreased by 49% as market conditions remain challenging amid tariff changes and continued trade tensions with the US, which are impacting consumer confidence and automotive purchases. Sales also declined in Europe (13.5%) due to ongoing diesel uncertainty and sales were 4% lower year on year in Overseas markets.

Jaguar retail sales were 13,764 vehicles in October, up 11.6% year on year, driven by the EPACE and I-PACE as well as the long wheel base XEL from the company's Chinese joint venture. Land Rover retailed 30,518 vehicles in October, down 10.5% year on year as increased sales of the refreshed Range Rover and Range Rover Sport as well as the Velar were offset by lower sales of the Evoque and Discovery Sport, primarily in China.

Jaguar Land Rover (JLR) is the UK's largest automotive manufacturer, built around two iconic British car brands: Land Rover, the world's leading manufacturer of premium all-wheel-drive vehicles; and Jaguar, one of the world's premier luxury sports saloon and sports car marques.

Tata Motors reported consolidated net loss of Rs 1009.49 crore in Q2 September 2018 as compared with net profit of Rs 2501.67 crore in Q2 September 2017. Total income rose 2.61% to Rs 72729.30 crore in Q2 September 2018 over Q2 September 2017.

Tata Motors is a leading global automobile manufacturer of cars, utility vehicles, buses, trucks and defence vehicles.

Powered by Capital Market - Live News