Tata Motors shares surge 5% as earnings beat estimates

Tata Motors shares opened on a strong note in morning trade on Thursday after the company's results beat market estimates .

After making a strong opening, shares of the auto major further gained 5 per cent to Rs 319 on the BSE, in an overall flat stock market.

Similarly, at the NSE, the stock was up 5 per cent at Rs 319.10.

"For Q4 FY13, Tata Motors consolidated performance was better-than our as well as street expectations on all broader fronts, as strong operating performance from JLR offset soft performance at standalone business and other subsidiaries," Angel Broking said in a report.

The British subsidiary Jaguar Land Rover came to the rescue of parent Tata Motors yet again, helping it to report a profit of Rs 3,945.5 crore in January-March quarter, which was also aided by favourable exchange rates, record sales in China and some one-time tax gains.

The auto major's March quarter net profit was, however, down 37 per cent over Rs 6,234 crore posted a year ago, but better than what most analysts had expected.

The bellwether scrip was the top gainer on both the key indices -- Sensex and Nifty during the morning trade.

With PTI inputs