Tata Motors climbs 3% on reports of healthy festive sales

[devikad]

Tata Motors climbs 3% on reports of healthy festive sales





Shares of Tata Motors climbed over 3 per cent in Tuesday's trade after a report suggested that the car maker has seen healthy demand for a range of vehicles during the festive season.

ET NOW quoting sources said bookings for Tata Motors increased by 95 per cent and retail sales were up 90 per cent compared with the festive season of last year.

As per ET NOW, cars and utility vehicle sales have seen equal traction from the market, with Harrier retails witnessing the highest growth at 141 per cent.

Following the report, the stock rose 3 per cent to Rs 153.30 on BSE. The stock is down 17.21 per cent year-to-date.

The auto maker's losses widened year-on-year (YoY) during the September-ending second quarter as sales had continued to remain lower than the previous year, but the company performed better than market expectations on the back of cost savings and deferred tax credit.

The Mumbai-based automaker reported a loss of Rs 307 crore during the second quarter as compared to a loss of Rs 188 crore during the corresponding quarter last year. Revenue declined 18 per cent year-on-year to Rs 53,530 crore. Earnings before interest, tax, depreciation and amortisation (EBITDA) declined by 13 per cent to Rs 6,098 crore.

Jaguar Land Rover, which accounts for about 80 per cent of the company's revenue, returned to profitability with a pre-tax profit of £65 million. Revenue declined by 29 per cent for the British carmaker to £4,352 million, according to a press note from Tata Motors.

Source: https://auto.economictimes.indiatimes.com/news/industry/tata-motors-climbs-3-on-reports-of-healthy-festive-sales/79256982