Shares of Tata Motors gained as much as 2 percent in morning trade on January 7 despite Jaguar Land Rover’s reported decline in UK sales for December. The short covering also could be one reason for upside in the stock as it had fallen nearly 3 percent in the previous session.
The UK-based luxury car maker, JLR, sold 6,171 vehicles in the United Kingdom during December 2019, lower by 6.9 percent compared to 6,625 vehicles sold in same month last year, dented largely by Jaguar segment.
Jaguar sales during the month plunged 19.5 percent year-on-year to 1,855 vehicles and Land Rover sales dropped 0.1 percent to 4,316 vehicles compared to corresponding month last year.
Its US sales also announced last week. JLR’s US sales dipped 2 percent to 13,801 units in December 2019 against 14,079 units sold in same month previous year.
Jaguar’s US sales dropped 4.4 percent to 3,311 units and Land Rover sales fell 1.2 percent to 10,490 units YoY.
The stock was quoting at Rs 188.20, up Rs 2.60, or 1.40 percent on the BSE at 0934 hours IST.
News Source:- Moneycontrol