Tata Motors stock gains most on Sensex\, Nifty after JLR clocks strong sales in US market

Tata Motors stock gains most on Sensex, Nifty after Jaguar Land Rover clocks strong sales in US market

The stock touched an intra day high of Rs 171.90 rising up to 3.43% compared to the previous close of 166.20 on the BSE.

The Tata Motors stock rose in early trade today after the homegrown firm's UK arm Jaguar Land Rover (JLR)  reported strong sales in the US market. The large cap stock has gained after two days of consecutive fall.

The stock touched an intra day high of Rs 171.90 rising up to 3.43% compared to the previous close of 166.20 on the BSE. The stock is the top gainer on Sensex and Nifty today. On Nifty, the stock gained up to 2.32% to 169.90 level.

The stock has lost 60.48% during the last one year and 3.39% during the last one month. 24 of 38 brokerages rate the stock "buy" or 'outperform', 11 "hold", two "underperform" and one "sell", according to analysts' recommendations tracked by Reuters.

The stock is trading below its 50-day and 200-day moving average of 173.33 and 224.25 level on the BSE.

JLR reported 24% higher US sales at 14,079 units in December 2018 compared to 11,394 units last year. Total Land Rover US sales rose 33 percent at 10,617 units against 7,980 units last year.

Jaguar US sales rose 1.4 percent at 3,462 units against 3,414 units in December 2017.

However, at home, Tata Motors too could not escape the drag on domestic sales which hit auto firms in December.

The Tata Group's auto arm reported a 8 per cent fall in domestic sales to 50,440 units in December as compared with 54,627 units in the same month last year.

The company's passenger vehicle sales in the domestic market rose 1 per cent to 14,260 units last month, compared with 14,180 units in December 2017.

The company said its commercial vehicle sales in the domestic market stood at 36,180 units in December, down 11 per cent from 40,447 units in the same month last year.

Total exports during the month stood at 3,999 units, against 6,293 units in December last year, showing a dip of 36 per cent, the firm said.

Meanwhile, the Sensex and Nifty lost all the gains they logged in early trade. While the Sensex was trading 37 points lower at 35,474, Nifty lost 30 points to 10,642 level.

Edited by Aseem Thapliyal