Mumbai: Tata Motors on Tuesday surged over 6% in early morning trade on the Bombay Stock Exchange (BSE), a day after it reported a 58% jump in its net profit for the first quarter ended June 2009.
Tata motors opened at Rs384.90 and soon went up 6.41% to touch the day’s high of Rs399 on the BSE.
A similar movement was witnessed on the National Stock Exchange (NSE) where the scrip opened at Rs387 and touched a high of Rs399.10, up 6.68% from previous close.
The auto major recorded a 57.54% jump in net profit at Rs513.76 for the quarter ended June 30, despite sales declining by 7.6% year-on-year.
A decline in raw material costs and the measures to increase cost efficiency improved the net profit of the company by 57.54% over Rs326.11 crore in the same quarter previous fiscal.
Tata Motors’ sales, however, declined to Rs6,404.63 crore in the quarter under review as compared to Rs6,928.44 crore in the same period last year.
On the volume front, over 23 lakh shares exchanged hands on the NSE and 6.12 lakh shares got traded on the BSE.
Tata Motors was later quoted at Rs392.9, up 4.80% on the BSE. It was trading at Rs393.85 on the NSE, down 5.28%.