 "Tata Motors stock snaps 6-day winning streak on weak July 2024 sales")
Tata Motors July sales impact: Shares of automaker Tata Motors snapped its 6-day winning streak as it dropped about 1.56 per cent to hit an intraday low of Rs 1,138.25 per share on Thursday, August 01, 2024. The shares price had hit a new high of Rs 1,179.05 on Tuesday, July 30, 2024.
The fall in the share price came on the back of weak sales in July 2024.
Tata Motors’ total sales (domestic & international markets) for July 2024 fell 10.7 per cent on a year-on-year (Y-o-Y) basis to 71,996 units, from 80,633 units in the same month last year (July 2023).
Total domestic sales fell 11 per cent Y-o-Y to 70,161 units in July 2024, from 78,844 units in July 2023.
Total commercial vehicle sales dropped 18 per cent annually to 27,042 units in July 2024, as against 32,944 units in July 2023.
Tata Motor’s domestic sale of MH&ICV in July 2024, including trucks and buses, declined 15.9 per cent Y-o-Y to 11,174 units, compared to 13,291 units in July 2023.
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Its total sales for MH&ICV domestic & international business in July 2024, including trucks and buses, stood at 11,886 units compared to 13,830 units in July 2023.
The electric vehicle (EV) segment also posted weak numbers. Total EV sales dropped 21 per cent on a year-on-year basis to 5,027 units in July 2024, from 6,329 units in July 2023.
Apart from that, the automobile major is scheduled to release its financial results for the June quarter of the fiscal year 2025 (Q1FY25) today.
Analysts anticipate a strong year-over-year (Y-o-Y) revenue growth, driven by increased volumes from Jaguar Land Rover (JLR) and higher sales in Indian commercial vehicles (CVs). READ MORE
Tata Motors is a multinational automotive company based in Mumbai and a member of the Tata Group. It manufactures a wide range of vehicles, including cars, trucks, vans, and buses. Its subsidiaries include the British brands Jaguar and Land Rover (JLR), as well as Tata Daewoo from South Korea.
The market capitalisation of Tata Motors is Rs 3,80,357.56 crore, according to Bombay Stock Exchange (BSE). The 52-week low is Rs 593.50 per share.
At 12:27 PM, shares of Tata Motors were trading 0.92 per cent lower at Rs 1,145.70 per share. In comparison, BSE Sensex was trading 0.06 per cent higher at 81,792.65 levels.