Nifty auto index rose 0.76% as Tata Motors gained for the fourth straight session a day after the company reported a 24% jump in group global wholesales, including that of its iconic Jaguar Land Rover (JLR). Tata Motors said it sold 2,51,689 units in the September quarter.
Tata Motors was also the top gainer in the Nifty50 Index on Monday and its stock soared as much as 8.5%, its highest since January 2018. After gaining 23% in September, Tata Motor stocks are up by 16% this month, reported Reuters. The company also said that Land Rover’s global retail orders are at a record level.
“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.
Global wholesale of all Tata Motors’ commercial vehicles and Tata Daewoo range in Q2FY22 were up 57% at 89,055 units, in the September quarter of the current financial year, the company said in a statement.
Tata Motors is not an anomaly since global wholesales of all passenger vehicles jumped 11% from the corresponding year of the previous fiscal. On Monday, Indian shares witnessed their best week in over a month courtesy of automakers, who logged in gains of 2.8%. Their order books are expected to make further gains as the festive season advances.