Tata Nexon (Photo: Tata Motors)
Tata Motors Share Price: Shares of Tata Motors rose nearly 7 per cent to Rs 415.8 in Tuesday’s trade.
Tata Motors Share Price: Shares of Tata Motors rose nearly 7 per cent to Rs 415.8 in Tuesday’s trade on the back of global wholesale sales in Q3FY23 up 13 per cent compared to Q3 FY22, Tata Motors said in a BSE filing.
Global wholesale sales of all Tata Motors commercial vehicles and Tata Daewoo range in Q3 FY23 stood at 97,956 units, down 5 per cent compared to Q3 FY22. Global wholesale sales of all passenger vehicles in Q3 FY23 stood at 2,24,600 units, up 23 per cent over Q3 FY22.
Jaguar Land Rover on Monday reported a 15 per cent increase in wholesale sales to 79,591 units for the third quarter ending December 31, 2022.
Retail sales for the third quarter stood at 84,827 units, up 5.9 percent from the same quarter a year ago, the company said in a regulatory filing.
Jaguar Land Rover (JLR) said it is seeing strong demand for its vehicles.
“As of December 31, 2022, the total order book has grown to 2,15,000 client orders, an increase of approximately 10,000 orders from September 30, 2022. Demand for the New Range Rover, New Range Rover Sport and Defender continues to be strong and represents 74 per cent. Order booked,” it added.
JLR said that on a preliminary basis, free cash flow is expected to be positive in excess of £400 million in the quarter ending December 31, 2022.
“In December 2022, the company completed the renewal of its undisclosed revolving credit facility with 23 banks for £1.45 billion with maturity dates from March 2024 to April 2026.”
Following the development, the scrip gained 6.77 per cent to hit an intraday high of Rs 415.80 on the BSE. Motilal Oswal has set a target of Rs 520 on the stock. At the current price, the target suggests a potential upside of 25 percent for the stock.
“All the three businesses of TTMT are in recovery mode. Whereas India While CV business will see cyclical recovery, India PV business is in structural recovery mode. JLR is also witnessing a cyclical recovery supported by a favorable product mix. Motilal said, We have maintained our buy rating with a target price of Rs 520.
The brokerage said production of the new Range Rover and new Range Rover Sport more than doubled to 27,5000 units on a sequential basis in the December quarter and the mix was better than expected and will materially impact operating performance in the December quarter.
Motilal Oswal said the order book as on September 30 has grown to around 2,15,000 units, which is around 10,000 orders, indicating strong demand.
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