Shares of Tata Motors rose over 4 per cent, extending its rally for a second consecutive session today, even as the company reported a 57 per cent decline in consolidated net profit for the first quarter ended June 30.
The scrip gained 4.18 per cent to settle at Rs 524.70 on BSE. During the day, it surged 4.84 per cent to Rs 528.05 -- its 52-week high.
The stock was the biggest gainer among the 30-bluechip scrips.
At NSE, shares of the company rose by 4.27 per cent to close at Rs 525.30.
Tata Motors shares had gained 2 per cent on Friday also, adding Rs 8,272.29 crore to its market valuation in two trading sessions.
Tata Motors on Friday reported a 57 per cent decline in consolidated net profit at Rs 2,260.40 crore for the first quarter ended June 30, due to post Brexit adverse foreign exchange impacting its British arm JLR.
The company had posted a consolidated profit of Rs 5,254.23 crore in the same period last fiscal, Tata Motors had said in a BSE filing.
Consolidated net sales in the first quarter were up 10 per cent at Rs 66,101.27 crore as against Rs 60,093.79 crore in the year-ago period.
The company said higher volumes in both standalone as well as Jaguar Land Rover business more than offset by the adverse forex impact of Rs 2,296 crore and adverse commodity derivatives impact of Rs 167 crore in the operating profit mainly in the JLR business.
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