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Tata Motors surges on renewed buying

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Tata Motors jumped 7.81% to settle at Rs 118.05 on reports that Jaguar Land Rover plans to launch 30 new or revamped vehicles in China in the next two years.

Tata Motors' wholly-owned UK-based unit Jaguar Land Rover Automotive Plc (JLR) brings in most of Tata Motor's revenue.

Meanwhile, the British parliament voted on Wednesday to prevent Prime Minister Boris Johnson taking Britain out of the European Union without a deal on 31 October. Johnson has been pushing for a fast and potentially messy UK divorce from the European Union (EU) on 31 October, at the cost of economic disruption if necessary.

A no-deal Brexit poses significant risks to JLR's business profile. An adverse outcome on Brexit for JLR may result in significant disruptions to its supply chain, and elongate its working capital cycle.

On BSE, 59.09 lakh shares were traded in Tata Motors counter, compared to a 2-week average of 36.07 lakh shares. The share price hit an intraday high of Rs 119.20 and an intraday low of Rs 109.50.

It hit a 52-week high of Rs 282 on 10 September 2018 and a 52-week low of Rs 106 on 4 September 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: Thu, September 05 2019. 16:12 IST
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