Tata Motors Shares Surge 4% On Superb Q1 Numbers

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Shares in Tata Motors surged 4.4 per cent on the NSE, as the company reported another superb set of quarterly numbers.

The shares were last trading at Rs 525, a jump of nearly 4.4 per cent over Friday's close. Almost every segment including the Jaguar Land Rover, Medium and Heavy Commercial Vehicle saw fantastic growth rates.

For the quarter ended June 30, 2016, Tata Motors reported consolidated revenues of Rs.67,056 crores as against Rs.61,510 crores for the corresponding quarter last year.
In Jaguar Land Rover business-strong sales were seen in all the regions, including the UK, Europe, North America, China and other Overseas markets.

In the standalone business-continued volume growth in M&HCV segment and the LCV segments were seen.

Tata Motors Shares Surge 4% On Superb Q1 Numbers
Tata Motors: Quotes, News
BSE 534.75BSE Quote8.55 (1.60%)
NSE 534.85NSE Quote8.55 (1.60%)
Consolidated Profit before tax (before exceptional item) for the quarter was Rs.2,066 crores, against Rs.6,340 crores for the corresponding quarter last year. The drop in net profits was largely on account of the forex losses, as the US pound, plunged following the Brexit vote.

Most analysts remain slightly worried over the company's forex losses, but, say the healthy growth in all segments and most regions make the case for a strong buy in the stock.

Most of the foreign brokerages have a positive view. Macquaire has an outperform rating on the stock, while CLSA expects the margins to rebound. Deutsche Bank has a hold rating on the stock.

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