Tata Motors shares jump 7% on improved sales during July-Sept quarter, CLSA retains 'buy'

The stock witnessed a spurt in volume by more than 1.15 times and was trading with volumes of 3,445,721 shares, compared to its five-day average of 2,781,306 shares, an increase of 23.89 percent.

Tata Motors share price spiked 7 percent in the morning trade on October 6 after CLSA reiterated "buy" on the stock.

The research firm said Tata Motors can head to Rs 220. It is of the view that JLR has turned FCF positive in Q2 as retail volumes improved with Q2 retail sales broadly in-line with expectations, according to a CNBC-TV18 report.

Sequential volume recovery should lead to a strong FCF generation and deleveraging, it added.

The stock was trading at Rs 143.20, up Rs 9.30, or 6.95 percent. It has touched an intraday high of Rs 143.60 and an intraday low of Rs 135.90.

It witnessed a spurt in volume by more than 1.15 times and was trading with volumes of 3,445,721 shares, compared to five-day average of 2,781,306 shares, an increase of 23.89 percent.

The automaker on October 1 reported a 5.09 percent increase in total sales to 1,10,379 units in the second quarter of the current fiscal. The company sold 1,05,031 vehicles in the same period last fiscal, Tata Motors said in a statement.

Total domestic sales were up 13 percent to 1,06,888 units from 94,454 units in the July-September period last year, it added. Passenger vehicle sales in the domestic market during the period stood at 54,794 units as against 25,898 vehicles in the same quarter last fiscal, over a two-fold increase.

JLR, a subsidiary of Tata Motors, registered retail sales at 1,13,569 vehicles in the quarter ended September 2020, a 50 percent growth over the previous quarter but fell 11.9 percent compared to a year-ago period.

"Jaguar Land Rover retail sales for the three-month period to September 2020 were significantly improved from sales in the preceding quarter but continue to be impacted by COVID-19," the company said in its BSE filing.

Source - Moneycontrol.com

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