Tata Motors’ shares surged in early trading on Monday following the company’s announcement of strong global wholesales in the January-March quarter. The automaker’s shares hit a high of 7.62% to Rs 471 apiece on the National Stock Exchange.
Tata Motors reported that its global wholesales, which included Jaguar Land Rover, increased by 8% YoY to 361,361 units during the quarter. The company’s combined worldwide sales of all Tata Motors commercial vehicles and Tata Daewoo range rose 3% to 118,321 units in the same period.
Jaguar Land Rover’s global sales during the quarter reached 107,386 vehicles, which included 15,499 units of Jaguar and 91,887 units of Land Rover. The positive business update has been well received by brokerages, with Goldman Sachs upgrading the stock to ‘Buy’ with a target price of Rs 544, citing JLR’s improved outlook as the reason behind the upgrade.
