Tata Motors rose 1.14% to Rs 378.55 at 9:18 IST on BSE, with the stock extending Tuesday's 2.82% gains triggered by the company reporting strong Q3 earnings.
Meanwhile, the S&P BSE Sensex was up 90.17 points or 0.44% at 20,453.54.
On BSE, so far 32,000 shares were traded in the counter as against average daily volume of 8.17 lakh shares in the past two weeks.
The stock hit a high of Rs 379 and a low of Rs 375.50 so far during the day.
Shares of Tata Motors have risen 4% in two trading sessions from Rs 364 on Monday, 10 February 2014, after the company after market hours on Monday, 10 February 2014 reported strong Q3 December 2013 earnings. The stock had risen 2.82% to settle at Rs 374.30 on Tuesday, 11 February 2014.
Tata Motors' consolidated net profit surged 195.23% to Rs 4804.80 crore on 38.37% increase in total income to Rs 64,034.30 crore in Q3 December 2013 over Q3 December 2012.
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The result was strong on the back of strong demand, growth in volumes and favourable product mix and geographic mix at Jaguar Land Rover (JLR).
Jaguar Land Rover wholesale and retail volumes for the quarter ended 31 December 2013 grew by 22.7% and 26.5%, respectively, over the corresponding period last year and stood at 116,357 units and 112,172 units, respectively. Growth in volumes is driven by launch of new Range Rover Sport, new Range Rover and Jaguar F-TYPE, alongside higher volumes of the newer XF and XJ derivatives.
As per International Financial Reporting Standards Foundation (IFRS) JLR's revenues for the quarter ended 31 December 2013 of GBP 5,328 million represented a growth of 40.1% over GBP 3,804 million during the corresponding quarter last year. Operating profit (EBITDA) stood at GBP 955 million in the quarter, up 79.2% as compared to GBP 533 million during the corresponding quarter last year. Operating margin for the quarter ended 31 December 2013, stood at 17.9%, up 390 bps as compared to corresponding quarter last year reflecting richer product mix, supported by launch of new Range Rover Sport, new Range Rover and Jaguar F-TYPE, and richer geographic mix, with increased volumes in various geographies. The profit before tax for the quarter ended 31 December 2013 grew to GBP 842 million (GBP 404 million in the corresponding quarter last year) reflecting higher operating profit (EBITDA), more favourable exchange revaluation, partially offset by higher depreciation and amortisation as well as lower finance income. Profit after tax for the quarter grew to GBP 619 million (GBP 296 million in the corresponding quarter last year).
Tata Motors is India's largest automobile company, with consolidated revenues of Rs 188818 crore in 2012-13. Through subsidiaries and associate companies, Tata Motors has operations in the UK, South Korea, Thailand, South Africa and Indonesia. Among them is Jaguar Land Rover, the business comprising the two iconic British brands. It also has an industrial joint venture with Fiat in India. With over 8 million Tata vehicles plying in India, Tata Motors is the country's market leader in commercial vehicles and among the top in passenger vehicles. It is also the world's fifth largest truck manufacturer and fourth largest bus manufacturer. Tata cars, buses and trucks are being marketed in several countries in Europe, Africa, the Middle East, South Asia, South East Asia, South America, CIS and Russia.
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