E-Paper
Tata Motors shares gain 5% after JLR show
The Tata group company reported a 35% drop in 2016-17 post tax profit at Rs 7,454 crore at a consolidated level.
Shares of Tata Motors today jumped 5% on robust performance of its British subsidiary Jaguar Land Rover (JLR).
After a positive opening, the company further gained 5% to Rs 472.95 on the BSE.
At the NSE, the stock went up by 5% to Rs 473.35.
“After disappointments over the past two quarters, JLR delivered a good set of numbers,” Edelweiss Research said in a report.
Robust performance of JLR somewhat helped the numbers, but currency volatilities, which saw the rupee appreciating against the pound, cast some adverse impact on the bottom line. JLR reported a 13% jump in retail sales and a 10.1% increase in revenues during the reporting quarter.
Tata Motors yesterday reported a 16.79% decline in the March quarter net at Rs 4,336.43 crore on slowdown in the domestic business, terming 2016-17 as a year of “homemade misses”, and promised to work on execution.
The Tata group company reported a 35% drop in 2016-17 post tax profit at Rs 7,454 crore at a consolidated level. Total revenues moved up to Rs 15,206 crore in the fourth quarter from the year-ago’s Rs 14,258 crore on a standalone basis.
