Mumbai: Shares of Tata Motors Tuesday surged as much as five percent in morning trade on the bourses, after Jaguar Land Rover reported 32 percent increase in global sales in January.
Reacting to the news, shares of Tata Motors opened on a bullish note on the BSE and gained further momentum to surge 4.59 percent to hit an early high of Rs 312.
Similar movement was seen on the National Stock Exchange as well where, the stock after opening at Rs 309.05, gained further and touched an early high of Rs 312, higher by 4.50 percent from its previous closing price.
Tata Motors-owned Jaguar Land Rover (JLR) reported 32 percent increase in global sales for last month yesterday at 34,877 units.
"With one of the best month's sales performances ever, both Jaguar and Land Rover brands have had a very strong start to the year. This reflects the introduction of the all-new Range Rover as well as the 2013 Model Year Jaguar XF and XJ models," JLR Director of Group Sales Operations, Phil Popham said.
Land Rover sales were up in all major markets with record January sales in several geographies, including the UK, USA and Germany, the company said.