Tata Motors shares jump over 5pc to yr-high on good Q1 numbers
Auto major Tata Motors today zoomed over 5 per cent on the BSE to hit a year-high after it posted a net profit of Rs 1,988.73 crore for the quarter ended June.autos Updated: Aug 10, 2010 20:15 IST
Auto major Tata Motors today zoomed over 5 per cent on the BSE to hit a year-high after it posted a net profit of Rs 1,988.73 crore for the quarter ended June.
In a choppy broader market, shares of the company surged 5.2 per cent to a 52-week high of Rs 967.30 on the Bombay Stock Exchange. However, the scrip ended the day only 4.17 per cent higher at Rs 957.30.
Witnessing a similar upsurge on the National Stock Exchange, shares of Tata Motors closed at Rs 966, up 4.43 per cent, after touching a year-high of Rs 967.
"The numbers were better-than-expected, which resulted in an upward movement in the stock. The stock surged on huge volumes, reflecting the positive sentiment of the investors," SMC Global Vice-President Rajesh Jain said.
Meanwhile, the broader gauge Sensex finished the day at 18,219.99, down 0.37 per cent from the previous close.
Tata Motors, which was the biggest Sensex gainer on Tuesday, was also among the volume toppers on the bourse. About 1.58 crore shares of Tata Motors were traded on the BSE and NSE on Tuesday.
The auto-maker today posted a consolidated net profit of Rs 1,988.73 crore for the April-June quarter, while it had reported a loss of Rs 328.78 crore in the same quarter last fiscal. The company attributed the better results to strong sales in the domestic market and good show by JLR.
The company said its consolidated net sales stood at Rs 26,876.08 crore during the quarter against Rs 16,365.57 crore in the year-ago period.
In the domestic market, sales of passenger vehicles, including Fiat and Jaguar and Land Rover, grew by 56 per cent to 77,858 units.
Other stocks in the auto sector ended in the red, in line with the broader market.
Mahindra & Mahindra lost 1.51 per cent, while Maruti Suzuki ended 0.52 per cent lower on the BSE. Two-wheeler major Hero Honda also settled marginally down (0.11 per cent) from its previous close.