Tata Motors Shares Rally as Brokerages Upgrade Stock Following Results

Business

oi-Sunil

By Sunil Fernandes

Published: Monday, November 17, 2014, 14:08 [IST]

Shares in Tata Motors surged over three per cent on the Bombay Stock Exchange, as the company reported a stellar performance. The stock was last trading at Rs 542 on the National Stock Exchange.

Several brokerages upgraded the stock to buy following its results despite a decline in revenues. Tata Motors reported Consolidated revenues (net of excise) of Rs.64,683 crores for the quarter, a growth of 38.2 per cent over Rs.46,796 crores for the corresponding quarter of the previous year, despite a continuing weak operating and economic environment in the standalone business which was more than offset by strong demand for new products, growth in volumes,richer product mix and richer geographic mix at Jaguar Land Rover (JLR).

The Consolidated Profit before tax for the quarter was Rs.7,528 crores, as compared to Rs.2,934 crores for the corresponding quarter of the previous year and the Consolidated Profit after tax (post minority interest and share of profit / (loss) of associates (net)) for the quarter was Rs.5,398 crores as compared to Rs.1,726 crores for the corresponding quarter of the previous year.

Jaguar Land Rover wholesale and retail volumes for the quarter grew by 27.1 per cent and 22.0 per cent, over the corresponding quarter last year and stood at 115,156 units and 115,596 units,respectively. This reflects solid global demand for the new and refreshed Jaguar and LandRover line up, particularly for the Range Rover, Range Rover Sport, Range Rover Evoque and the Jaguar F-Type.

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