Tata Motors share price rallies more than 8% as JLR's Q2 sales grow 53% QoQ
Published On: Tuesday, October 6, 2020 | By: Team KnowMyStock
Shares of Tata Motors jumped more than 8 per cent to Rs 145.7 on the BSE on Tuesday after Jaguar Land Rover's retail sales in the September quarter grew over 50 per cent from sales in the previous quarter. Retail sales for the quarter ended September 30 were 1.13 lakh units, up 53. 33 per cent from 74,067 units sold in the previous quarter. The automaker on October 1 reported a 5.09 per cent increase in total sales to 1,10,379 units in the second quarter of the current fiscal. The company sold 1,05,031 vehicles in the same period last fiscal. In an exchange filing, Tata Motors said that Jaguar Land Rover retail sales for the three-month period to 30 September 2020 were significantly improved from sales in the preceding quarter but continue to be impacted by Covid-19. Retail sales were still down 11.9 per cent from pre-COVID levels a year ago, the company said.
Total domestic sales were up 13 per cent to 1,06,888 units from 94,454 units in the July-September period last year, it added. Passenger vehicle sales in the domestic market during the period stood at 54,794 units as against 25,898 vehicles in the same quarter last fiscal, over a two-fold increase. Tata Motors share price has gained nearly 10 per cent in just 5 trading sessions. The brokerage has 'Buy' call on the stock with a target price of Rs 220.
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