Tata Motors shares gain 5% on strong JLR March sales
Shares of Tata Motors on Thursday rose by 5 percent as its unit Jaguar Land Rover (JLR) reported 16 percent increase in global sales in March.
Mumbai: Shares of Tata Motors on Thursday rose by 5 percent as its unit Jaguar Land Rover (JLR) reported 16 percent increase in global sales in March.
Cheering the smart sales number, shares of the company opened on a bullish note and further jumped 5 percent to Rs 281.15 on the BSE.
At NSE, the stock climbed 4.76 percent to Rs 281.40.
The stock was the top gainer on both Sensex and Nifty during morning trade.
JLR registered a strong retail volume growth in March 2013, driven by strong retail volume growth in China and the UK," Angel Broking said in a report.
"Jaguar Land Rover is seeing continued year-on-year growth following the introduction of new models, engines and drive- trains with the Jaguar XF Sportbrake, new Range Rover and Range Rover Evoque amongst our top selling models," JLR Group Sales Operations Director Phil Popham had said yesterday.
Jaguar posted sales of 9,856 in March, up 28 percent, while Land Rover reported 14 percent increase in sales at 43,916 units.
In the UK, JLR sales were up 14 percent at 17,784 units in March, while China delivered its best-ever month retailing 8,487 units collectively, a growth of 22 percent.
In the broader market, the BSE 30-share index Sensex was trading 92 points higher at 18,506.45 at 1155 hrs.