Tata Motors (NYSE:TTM)' shares surged five percent on Friday, reaching a new 52-week high following the record-breaking performance of its British brands, Jaguar Land Rover (JLR). The company's stocks closed 4.73 percent higher at Rs 667.10 on the NSE, outperforming the Nifty Auto index rally.
JLR reported sales of 2,356 units between April and September of FY24, marking a year-on-year (YoY) growth of 105 percent. This impressive performance includes a YoY growth of 108 percent in Q2 alone with retail of 1,308 units.
The company's order book has also shown significant growth, closing H1FY24 90 percent higher than the previous year. This robust order book covers over eight months of sales and is largely attributed to the successful launch of the 24MY Range Rover Velar and high demand for models like Range Rover, Range Rover Sport, and Defender - which is the best-selling model.
Tata Motors' certified pre-owned business also saw strong growth, increasing by 83 percent in H1 FY24. The company, which sold 50,443 e-PCs in FY23, is set to sell around 100,000 e-PCs this fiscal year as per Vivek Srivatsa.
In 2023, Tata Motors gained nearly 70 percent and holds a 40 percent market share in the domestic CV space and is the third largest player in the PV segment. The company's stocks have been favored by mutual funds, with September seeing a purchase of Rs 1,180 crore.
Tata Motors has a wide global presence including markets such as the UK, South Korea, Thailand, South Africa and Indonesia.
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