Tata Motors Share Price: Shares of Tata Motors rallied nearly 7 per cent to Rs 415.8 in Tuesday’s trade after its global wholesales in Q3FY23 increased by 13 per cent compared to Q3 FY22, Tata Motors said in a BSE filing.
Global wholesales of all Tata Motors’ commercial vehicles and Tata Daewoo range in Q3 FY23 were at 97,956 units, lower by 5 per cent over Q3 FY22. Global wholesales of all passenger vehicles in Q3 FY23 were at 2,24,600 units, higher by 23 per cent as compared to Q3 FY22.
Jaguar Land Rover on Monday reported a 15 per cent increase in wholesales to 79,591 units for the third quarter ended December 31, 2022.
Retail sales for the third quarter stood at 84,827 units, up 5.9 per cent compared to the same quarter a year ago, the company said in a regulatory filing.
Jaguar Land Rover (JLR) said it continues to see strong demand for its vehicles.
“As of December 31, 2022, the total order book increased to 2,15,000 client orders, up around 10,000 orders from September 30, 2022. Demand for the New Range Rover, New Range Rover Sport and Defender remains strong and represents 74 per cent of the order book,” it added.
On a preliminary basis, free cash flow is likely to be over 400 million pounds positive in the quarter ended December 31, 2022, JLR said.
“In December 2022, the company completed a renewal of its undrawn revolving credit facility with 23 banks at 1.45 billion pounds with the maturity date extended from March 2024 to April 2026,” it added.
Following the development, the scrip rose 6.77 per cent to hit a high of Rs 415.80 on BSE. Motilal Oswal has a target of Rs 520 on the stock. At the prevailing price, the target suggests a 25 per cent potential upside for the stock.
“All three businesses of TTMT are in recovery mode. While the India CV business will see a cyclical recovery, the India PV business is in a structural recovery mode. JLR is also witnessing a cyclical recovery, supported by a favourable product mix. We maintain our buy rating with a target price of Rs 520,” Motilal said.
The brokerage said production of the new Range Rover and new Range Rover Sport has doubled on a sequentially basis to 27,5000 units in December quarter and that the mix was better than expected and would materially influence operating performance in the December quarter.
Order book has grown to almost 2,15,000 units, up around 10,000 orders September 30, reflecting strong demand, Motilal Oswal said.
Read all the Latest Business News here
Comments
0 comment