Tata Motors has surged over 5% to Rs 385, recovering more than half of its losses recorded after announcements of July-September (Q2) earnings.
The stock has gained nearly 7% in past two trading sessions from Rs 360 after falling 10% from its record high of Rs 401 touched on intra-day trade on November 6 on the BSE.
India’s largest automobile maker beat analysts’ estimates to post its first quarterly profit gain in four quarters.
Consolidated revenue grew 31% to Rs 56,882 crore, compared to the corresponding quarter last year. Profit after tax grew 71% to Rs 3,542 crore during the quarter ended September 30, as new models from Jaguar and Land Rover (JLR) brought incremental volumes. Consolidated operating profit margins improved to 16.3% from 13.5% in the year-ago quarter.
Management is optimistic about the new launches at JLR including the recently launched Jaguar ‘F?Type’ and the New Range Rover Sport.
Analyst at Angel Broking maintains “Accumulate” rating on the stock with target price of Rs 419.
We expect JLR to sustain its strong performance driven by continued momentum in the global luxury vehicle market, success of the recently launched models and strong product launch pipeline, said analyst in report dated November 11.
The stock has gained nearly 7% in past two trading sessions from Rs 360 after falling 10% from its record high of Rs 401 touched on intra-day trade on November 6 on the BSE.
India’s largest automobile maker beat analysts’ estimates to post its first quarterly profit gain in four quarters.
Consolidated revenue grew 31% to Rs 56,882 crore, compared to the corresponding quarter last year. Profit after tax grew 71% to Rs 3,542 crore during the quarter ended September 30, as new models from Jaguar and Land Rover (JLR) brought incremental volumes. Consolidated operating profit margins improved to 16.3% from 13.5% in the year-ago quarter.
Management is optimistic about the new launches at JLR including the recently launched Jaguar ‘F?Type’ and the New Range Rover Sport.
Analyst at Angel Broking maintains “Accumulate” rating on the stock with target price of Rs 419.
We expect JLR to sustain its strong performance driven by continued momentum in the global luxury vehicle market, success of the recently launched models and strong product launch pipeline, said analyst in report dated November 11.
