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Tata Motors Shares Hit 52-Week High As JLR India Reports Q1 Sales

Tata Motors shares rise to a 52-week high as JLR India posted best-ever first-quarter sales figure.

Tata Motors Limited shares rose 1% to scale a 52-week high of Rs 639.50, with 7 lakh shares changing hands on the NSE. The business’s wholly-owned subsidiary, Jaguar and Land Rover (JLR) India, stated the best-ever first-quarter sales figure, up 102%.

The company logged a 209% growth in the Range Rover, Range Rover Sport, and Defender sales. The three models endure to see continued demand, contributing 78% of the current order book.

The new models of Range Rover and Range Rover Sport were introduced in the second half of 2022-23. The company said that due to substantial demand for these vehicles, their order book for Q1FY2024 has augmented by 88% compared to the previous year (YoY).

In the June quarter, Jaguar Land Rover (JLR) witnessed a 30% increase in global wholesales, accomplishing 93,253 units (excluding China JV). This growth was complemented by a 29% YoY rise in retail sales, totalling 101,994 units. The sales boost was attributed to an enhanced supply of electronic chips and improved supply constraints.

However, when associated with the previous quarter ending in March 2023, wholesales qualified for a slight decline of 1%, primarily amid shipping schedules.

In Q1, the JLR vertical will report a healthy volume growth of about 30% annually, Nomura Equities said. Retail sales are coming at 1,02,000, up 29% YoY.

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