The shares of Tata Motors gained over 10 per cent on Tuesday after the luxury carmaker reported positive sales numbers from Jaguar Land Rover.
At 12:24 pm, the shares of Tata Motors were trading at ₹243.00, up ₹22.90 or 10.40 per cent on the BSE. The stock also hit its 52-week high of ₹249.50. It opened at ₹228.80 as against previous close of ₹220.65.
On the NSE, Tata Motors shares were trading at ₹243.05, up ₹22.40 or 10.15 per cent. It also hit a 52-week high of ₹252.40 on the NSE. Tata motors opened at ₹227.00 as against previous close of ₹220.65.
In a press release on Monday, Tata Motors said, “Jaguar Land Rover marked the end of 2020 with a second successive quarter-on-quarter recovery in sales, despite the continuing impact of Covid-19.”
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Retail sales for the quarter ending 31 December 2020 were up 13.1 per cent to 128,469 as compared to the previous quarter. The company had said that its China sales were “particularly encouraging,” up 20.2 per cent on the prior quarter and 19.1 per cent year-on-year.
Retail sales in most other regions also continued to recover. Sales in North America were up 31.7 per cent as compared to the previous quarter while those in Overseas and Europe were up 26.6 per cent and 20.5 per cent, respectively.
However, the luxury carmaker said that sales in America, Overseas and Europe are yet to recover to pre-Covid levels.
Tata Motors has also been in the news following buzz that it was set to enter into a partnership with US-based electric carmaker Tesla. But Tata Motors has denied it.