Festive Season Demand Lifts Tata Motors October Sales; Exports Jump
Tata Motors Ltd.'s total sales rose 21 percent to 52,813 units in October compared to 43,486 units in the same month last year, led by strong festive demand as well as an improved performance in the medium and heavy commercial vehicles segment.
Domestic passenger vehicle sales saw their highest sales figure in four years, growing 28 percent to 16,311 vehicles compared to 12,747 vehicles in the year ago period, the company said in its filing to the exchanges. The robust performance was attributed to strong demand for the recently launched Tata Tiago.
Also Read: Tata Motors' Passenger Vehicle Innings: The Second Wind?
Commercial vehicle sales in the domestic market grew 15 percent compared to last year to 30,169 vehicles.
Recovery In The MHCV Segment
October also saw a recovery in the medium and heavy commercial vehicle business of the company. Sales grew 9 percent after four months of decline. Demand saw an improvement across various sectors including construction, auto logistics, cement, petroleum products and FMCG/consumer durables segments.
Export Jump Boosts Overall Sales
Exports grew 39 percent in October to 6,333 vehicles compared to 4,569 vehicles sold in October 2015,
Shares of Tata Motors Ltd., jumped as much as 1.19 percent immediately after the announcement to Rs 538.30 before giving up its gains to trade lower by 0.4 percent.
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