Tata Motors rises after JLR discloses December retail sales

Tata Motors rose 2.76% to Rs 197.25 after Jaguar Land Rover (JLR) reported retail sales of 52,814 vehicles for December 2019, up 1.3% over the previous year.

For the month of December, Jaguar Land Rover retail sales were boosted by China (up 26.3% year-on-year), a sixth successive month of double-digit growth. This offset lower sales in North America (-1.1%), UK (-2.9%), Europe (-5.3%) and in overseas markets (-7.6%). The new Range Rover Evoque continues to perform very well (up 33.2%) and the refreshed Land Rover Discovery Sport is gaining traction (up 19.6%). Sales of the Land Rover Discovery were also up, while other models were lower.

Tata Motors has risen 23.55% in the past one month, outperforming the Nifty Auto index's 5.43% rise in the same period.

On the technical front, the stock's RSI (relative strength index) stood at 66.602. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

The stock was trading above its 50-day moving average (DMA) placed at Rs 173.15 and its 200-day moving average (DMA) placed at Rs 161.60, both of which would serve as a support levels in the near term.

On a consolidated basis, Tata Motors recorded a net loss of Rs 227.62 crore in Q2 September 2019 compared with net loss of Rs 873.27 crore in Q2 September 2018. Net sales fell 9.2% to Rs 64,763.39 crore in Q2 September 2019 over Q2 September 2018.

Tata Motors is engaged in manufacture of motor vehicles. The auto firm is engaged mainly in the business of automobile products consisting of all types of commercial and passenger vehicles, including financing of the vehicles sold by the company.

Powered by Capital Market - Live News