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Tata Motors were up 5 per cent at Rs 509.95 on the Bombay Stock Exchange (BSE) in Tuesday’s intra-day trade after the company’s wholly-owned subsidiary – Jaguar Land Rover UK, reported good operational performance in the July-September quarter (Q2FY22). The management said JLR expects to see gradual recovery starting in the second half (October-March) of FY22.
JLR expects the earnings before interest tax (EBIT) margin and free cash flow (before restructuring costs) to turn positive in the second half of Fiscal 2022. “While supply remains constrained, JLR will continue to take mitigating actions, including prioritising the production of higher-margin vehicles for the available supply of semiconductors and closely managing costs to bring down the break-even point for the business,” the company said.
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Tata Motors was trading 2 per cent higher at Rs 493 on the BSE, compared to a 0.10 per cent rise in the S&P BSE Sensex. The stock had hit a 52-week high of Rs 532 on October 14, 2021. In Q2FY22, auto major Tata Motors reported a consolidated net loss of Rs 4,416 due to the dual impact of semiconductor shortage and high input prices. The company had posted a net loss of Rs 314 crore in the year-ago period (Q2FY21) and Rs 4,451 crore in the June quarter, respectively.
Stock Covered in the news
