Tata Motors hits 52-week high as total sales in June beats estimate

Shares of Tata Motors have been consistently scaling fresh 52-week highs in recent weeks, buoyed by the strong growth outlook for its luxury arm Jaguar Land Rover and the approval for a public offer of its subsidiary Tata Technologies

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Shares of Tata Motors rose over 1 percent to hit a 52-week high in early trade on July 3 after the company’s total sales in June topped Nomura’s estimate.

The carmaker’s total sales came at 81,673 units in June, down 1.1 percent from 82,570 units sold in the same month last year. Despite the on year decline, total sales still topped global research and broking firm Nomura’s estimate of 78,000 units.

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However, shares of Tata Motors came off its day’s highs as total sales growth still remained subdued. Likewise, at 09.51 am, the company shares were trading 0.2 percent higher at Rs 596.70 on the National Stock Exchange, off its 52-week high of Rs 602.30, touched earlier in the session.

Sales of commercial vehicles (CV) also fell 8 percent to 34,314 units from 37,265 units in the year ago period. However, sales for passenger vehicles (PV) increased 5 percent on year to 47,359 units, up from the 45,305 units sold in the same month a year ago. Rounding it up, total domestic sales rose 1 percent year-on-year (YoY) to 80,383 units in June.

Also Read: Tata Motors zooms to 52-week high on JLR outlook, IPO nod to Tata Tech

As for the April-June quarter, total CV slipped 15 percent YoY, while those of PVs rose 8 percent. The rise in PV sales was attributed to the robust growth in electric vehicles (EV) sales which jumped over two-fold on year to 19,346 units, the highest ever in any quarter.

Despite the overall sluggish sales in June, the company remains confident of registering strong growth in the coming quarters.  “The recently launched Altroz iCNG, has received much acclaim and excellent response from customers. In the EV segment, growth is driven by a strong market response to Tiago EV while demand for other EVs was sustained,” Shailesh Chandra, Managing Director, Tata Motors Passenger Vehicles and Tata Passenger Electric Mobility stated in an exchange filing.

Also Read: June Auto Sales: Total sales rise 2% for Maruti Suzuki, Escorts Kubota witnesses 2% decline

“Going forward, we expect the demand to remain robust with the onset of the festive season in the second half of the July-September quarter. The supply side situation also remains stable,” Chandra added.

Moreover, shares of Tata Motors have been consistently scaling fresh 52-week highs in recent weeks as sentiment for the carmaker remains bullish. The positivity around the stock is thanks to a strong growth outlook for the company’s luxury arm Jaguar Land Rover and the approval for a public offer of its subsidiary Tata Technologies, which is expected to reduce the company’s debt levels.

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