Tata Motors gains as its arm reports 29% rise in wholesale volumes during Q2FY24
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Tata Motors is currently trading at Rs. 623.40, up by 3.85 points or 0.62% from its previous closing of Rs. 619.55 on the BSE.
The scrip opened at Rs. 628.00 and has touched a high and low of Rs. 628.00 and Rs. 621.95 respectively. So far 130994 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 665.30 on 26-Jul-2023 and a 52 week low of Rs. 375.50 on 26-Dec-2022.
Last one week high and low of the scrip stood at Rs. 632.55 and Rs. 608.45 respectively. The current market cap of the company is Rs. 207013.57 crore.
The promoters holding in the company stood at 46.39%, while Institutions and Non-Institutions held 35.23% and 16.99% respectively.
Tata Motors’ subsidiary-- Jaguar Land Rover (JLR) reported increased sales volumes for the second quarter of FY24 (three-month period to September 30, 2023), reflecting continuing improvement in supply, allowing JLR to deliver more vehicles to clients.
Its wholesale volumes in the period were 96,817 units (excluding the Chery Jaguar Land Rover China JV), up 29% compared to the same quarter a year ago, and up 4% compared to the quarter ended June 30, 2023, notwithstanding the annual two-week summer plant shutdown. Wholesale volumes for the first half of the financial year were 190,070, up 29% compared to the prior year.
Retail sales for the second quarter were 106,561 units (including the Chery Jaguar Land Rover China JV), up 21% compared to the same quarter a year ago. Retail volumes were higher in all regions year-on-year: Overseas up 56%, North America up 32%, Europe up 16%, UK up 9% and China up 7%.
The order book continues to reflect strong demand for company products with 168,000 client orders at the end of the second quarter, reducing from 185,000 at the end of the first quarter, as expected, with increased order fulfilment. Range Rover, Range Rover Sport and Defender demand remains particularly strong, representing 77% of the order book.
JLR will report full financial results for Q2 FY24 at the beginning of November. Based on preliminary cash balances, JLR presently expects positive free cash flow of around British Pound 300 million in Q2 FY24.
Tata Motors is India’s largest automobile company. Through subsidiaries and associate companies, Tata Motors has operations in the UK, South Korea, Thailand, South Africa and Indonesia. Among them is Jaguar Land Rover, the business comprising the two iconic British brands.
