JLR sales effect: Tata Motors shares hit record high, mcap crosses Rs 2 lakh crore

Shares of multibagger Tata Motors Ltd hit a record high in the last hour of trade on Friday after the firm’s UK arm JLR reported a 30% rise in wholesale volumes for the first quarter at 93,253 units (excluding the Chery Jaguar Land Rover China JV) compared to the corresponding quarter a year ago.

Tata Motors stock hit an all-time high of Rs 612.40 in the current session against the previous close of Rs 600.80 on BSE. During the session, the stock also hit an intraday low of Rs 592.25 on BSE. The auto stock has surged 42% this year and zoomed 462% in three years.

Tata Motors stock opened flat at Rs 600.80 on Friday. Market cap of the firm rose to Rs 2.02 lakh crore. Total 10.64 lakh shares changed hands amounting to a turnover of Rs 63.86 crore on BSE. Tata Motors stock hit a 52-week low of Rs 375.50 on December 26, 2022.

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In terms of technicals, the relative strength index (RSI) of Tata Motors stood at 69.7, signaling it's trading neither in the overbought nor in the oversold zone. Tata Motors stock ha s a one-year beta of 1.2, indicating high volatility during the period. Tata Motors shares are trading higher than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages

The rise in JLR’s sales for the first quarter of FY24 compared to a year ago, reflects continuing improvement in chip and other supply constraints. However, wholesales volumes were slightly lower (down 1%) compared to the prior quarter ending March 31, 2023 reflecting shipping schedules, while production was up quarter on quarter.

“Retail sales for the quarter ended June rose 29% to 101,994 units (including the Chery Jaguar Land Rover China JV) compared to the same quarter a year ago. Retail sales were broadly flat (down 1%) compared to the prior quarter ending March 31, 2023. By model, retail sales of JLR’s three most profitable models rose significantly compared to the same quarter a year ago with Range Rover up 199%, Range Rover Sport up 42% and Defender up 90%,” said parent Tata Motors on Friday.

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Meanwhile, in June 2023, the Tata Group firm logged a 1 per cent rise in total domestic sales at 80,383 units against 79,606 units in the year-ago month. Domestic passenger vehicle sales, including electric vehicles for Tata Motors rose to 47,235 units in June compared to 45,197 units in the corresponding month a year ago, a growth of 5 per cent.

Tata Motors Passenger Vehicles Ltd and Tata Passenger Electric Mobility Ltd Managing Director Shailesh Chandra said the passenger vehicle industry in the first quarter saw a robust demand driven by new launches, especially in the SUV segment and EVs.

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"Tata Motors continued its growth trajectory registering quarterly sales of 1,40,450 units in Q1 FY24 and recording a growth of 8 per cent over Q1 FY23," he added.

In the EV segment, he said the company posted its "highest-ever quarterly sales of 19,346 in Q1 FY24, logging a growth of 105 per cent over Q1 FY23".

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