Tata Motors shares gain 5% after JLR show | business-news | Hindustan Times
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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.

business Updated: Jun 03, 2017 17:23 IST
The Jaguar logo is pictured at a Jaguar Land Rover showroom in Mumbai.
The Jaguar logo is pictured at a Jaguar Land Rover showroom in Mumbai.(Reuters photo)

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.