Tata Motors shares rise over 3% on increase in Jaguar sales
Tata Jaguar brand recorded retail sales of 14,613 units in November, up 83%, driven by continuing strong sales of the new XF and the F-PACE
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New Delhi: Shares of Tata Motors on Thursday settled for the day with over 3% gains after Jaguar Land Rover (JLR) reported solid retail sales growth across majority of key regions in November on a year-on-year basis. The Jaguar brand recorded retail sales of 14,613 units in November, up 83%, driven by continuing strong sales of the new XF and the F-PACE, JLR said.
The month’s performance has been driven by the new Jaguar XF (with the addition of the long wheel base XFL in China) and F-PACE as well as continuing solid sales of the Land Rover Discovery Sport and Range Rover Sport, it added. Reacting to the numbers, the shares of Tata Motors ended in the positive territory with gains of 3.60% at Rs461.30 on the BSE.
During the day, the stock had surged 4.39% to an intraday high of Rs464.80. On the NSE, the stock ended the day at Rs461.25, up 3.57%. The stock had jumped 4.27% to an intra-day high of Rs 464.40. Commenting on sales performance, JLR Group sales operations director, Andy Goss said: “These are solid results underpinned by encouraging performance in China, where our sales are growing healthily in an incredibly competitive environment.”
The company said its retail sales grew across majority of key regions in November year-on-year, with China up 42% and North America 20%.
It was partially offset by softer sales in the UK (down 13%), Europe (down 6%) and in other overseas markets, which include Russia and Brazil (down 25%), the statement added.