Tata Motors slips 2% on weak JLR numbers

Shares of Tata Motors fell 2.3 percent intraday Thursday after company reported weak sales number for JLR and Land Rover in the month of

September 2018.

The company's total September 2018 JLR UK sales were down 2.6 percent at 19,874 units against 20,403 units in the same month last year.

Its total Land Rover UK sales fell 3.8 percent at 12,827 units against 14,504 units, while Jaguar UK sales were up 2.1 percent at 7,047 units

versus 5,899 units, reported CNBC-TV18.

Research house Nomura believes that from September, expect global wholesale volume growth trajectory for JLR to improve. Currently it

factor in 4 percent growth in overall JLR volumes in FY19.

Nomura maintained buy call on stock with a target at Rs 356 per share and feels that healthy orderbook for I-Pace & XE’s ramp-up in China

should lead to a better H2.

At 13:47 hrs Tata Motors was quoting at Rs 223.15, down Rs 4.40, or 1.93 percent on the BSE.

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Posted by Rakesh Patil