Tata Motors Gains Over 9% After Company Says Order Book At Record Levels
Shares of the parent of luxury car maker Jaguar Land Rover - Tata Motors - rose as much as 9.1 per cent to hit fresh 52-week high of Rs 417.3, extending their gains to third straight session on Monday after the company informed exchanges that underlying demand for Jaguar Land Rover products remains strong with order books at record levels. The company, however, warned that retail sales of Jaguar Land Rover for three-month ended September 2021 was constrained by the impact of the global semiconductor shortage.
"Retail sales for the second quarter ending 30 September 2021 were 92,710 vehicles, 18.4 per cent lower than the 113,569 vehicles sold in Q2 last year. Retails were lower year-on year in most regions, including North America (-15.6 per cent), China (-6.3 per cent), Europe (-17.0 per cent), and in the UK (-47.6 per cent), but were up in our Overseas region (+10.0 per cent)," Tata Motors said in a press release.
Retail sales of all models were lower year-on-year with the exception of the new Land Rover Defender, which retailed 16,725 vehicles, up 70.4 per cent year-on-year, making it our bestselling model in the quarter.
"The global semiconductor supply issue represents a significant near-term challenge for the industry which will take time to work through. However, it's encouraging we were still able to grow sales of the Land Rover Defender in Q2. Moreover, we are delighted to have a record Company order book demonstrating the underlying demand for our products which we will satisfy when the semiconductor supply recovers," Lennard Hoornik, Jaguar Land Rover Chief Commercial Officer
In the last three sessions, Tata Motors shares have rallied 25 per cent, massively outperforming the Sensex which has advanced 2 per cent.
As of 11:39 am, Tata Motors shares traded 9 per cent higher at Rs 417.50.
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