Tata Motors share price up 6% on rise in JLR wholesale volumes
Premium- Jaguar Land Rover on January 9 forecast free cash flow for the third quarter at more than 400 million pounds ($485 million), after reporting a 15% rise in wholesale volumes for the period
Tata Motors share price jumped 6%, or ₹23.85, to ₹413.25 in morning trade on January 10. The automaker's subsidiary Jaguar Land Rover (JLR) on January 9 forecast free cash flow for the third quarter at more than 400 million pounds ($485 million), after reporting a 15% rise in wholesale volumes for the period on strong demand and improved chip supply.
“The Tata Motors Group global wholesales in Q3FY23, including Jaguar Land Rover, were at 3,22,556 nos., higher by 13%, as compared to Q3FY22. Global wholesales of all Tata Motors’ commercial vehicles and Tata Daewoo range in Q3FY23 were at 97,956 nos., lower by 5%, over Q3FY22. Global wholesales of all passenger vehicles in Q3FY23 were at 2,24,600 nos., higher by 23% as compared to Q3FY22," the company said in a regulatory filing.
The Tata Motors share price opened higher at ₹399.30 and continued to increase during the day. The stock hit a 52-week high of ₹528.35 on January 18, 2022 and 52-week low of ₹366.05 on May 12, 2022.
22 out of 31 analysts have a strong buy and buy on the auto stock, according to recommendations collated by Livemint.
