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Tata Motors jumps on recovering JLR sales in China

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Tata Motors surged 7.22% to Rs 130.7 after Jaguar Land Rover retail sales in China continued to recover (up 17.4% year-on-year) as the company's local turnaround plan gathered momentum.

Tata Motors's foreign unit, Jaguar Land Rover (JLR)'s retail sales in August 2019 were 34,176 vehicles, down 6.7% compared to August 2018. UK sales were solid but down 21.6% compared to August 2018, which was boosted by WLTP certification timing factors. Other markets were also down including Europe (1.4%) and North America (9.0%, impacted by new engine introduction timing issues th is month), and Overseas (24.7%, primarily softer sales in Korea and MENA).

Demand for the all-new Range Rover Evoque continued to strengthen (up 50.9% year-on-year) with sales just beginning in China, and sales of the Range Rover Sport increased by 6.4%. The Jaguar XJ saw an increase of 31.1% and sales of the all-electric Jaguar I-PACE also increased. Sales of other models were down year-on-year, including Land Rover Discovery Sport which reflects the run out of the prior model with the refreshed model ramping up.

Jaguar retail sales in August 2019 were 9,702 vehicles, down 17.8% year-on-year and Land Rover retailed 24,474 vehicles, down 1.4% compared to August 2018.

Felix Brautigam, Jaguar Land Rover Chief Commercial Officer, said that while the global market remains challenging, the company has seen a second month of consecutive growth in China.

Meanwhile, the S&P BSE Sensex was up 143 points or 0.38% to 37288.26.

On the BSE, 28.56 lakh shares were traded in the Tata Motors counter so far compared with average daily volumes of 41.44 lakh shares in the past two weeks. The stock hit a high of Rs 131.5 and a low of Rs 124.5 so far during the day.

The stock hit a 52-week high of Rs 282 on 10 Sep 2018. The stock hit a 52-week low of Rs 106 on 04 Sep 2019.

On a consolidated basis, the auto maker had reported a net loss of Rs 3604.30 crore in Q1 June 2019 over a net loss of Rs 1902.37 crore in Q1 June 2018. Net sales fell 7.8% to Rs 60830.16 crore in Q1 June 2019 over Q1 June 2018.

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

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, September 11 2019. 11:42 IST
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