Tata Motors reported a 13.38 percent increase in total sales at 36,472 units in August.
Shares of Tata Motors traded in the red after falling almost 5 percent in intraday trade on BSE on September 9.
Shares of the company declined even as global financial firm HSBC upgraded the stock to a 'buy' and increased the target price to Rs 200 from Rs 120.
As per CNBC-TV18, HSBC is of the view that the recovery in the medium and heavy commercial vehicles (M&HCV) could create significant value.
HSBC expects a reasonable reduction in the company's net debt over FY22 and FY23 and believes the CV cycle will bottom out in the coming months.
HSBC said a leaner, focussed and profitable JLR is a positive for the stock.
Tata Motors reported a 13.38 percent increase in total sales at 36,472 units in August. The company had sold a total of 32,166 units in the same period last year, the home-grown auto major said in a statement.
The company had sold a total of 32,166 units in the same period last year, the home-grown auto major said in a statement.
Total domestic sales were up 21.6 percent to 35,420 units, from 29,140 units in August last year, it added.
Passenger vehicle sales in the domestic market during the last month rose by over two-fold to 18,583 units, as against 7,316 units in the same month last year.
However, the company reported a 28 percent decline in total commercial vehicle sales last month at 17,889 units, as against 24,850 units in the year-ago period.
Shares of Tata Motors traded 3.97 percent lower at Rs 136.60 on BSE at 12:25 hours.
Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.