Tata Motors November sales rise 21%
Shares of Tata Motors rose over 4% to over 10-month high after the company’s November sales also grew to 49,650 vehicles from 41,124 units in the year-ago period.
Total domestic sales increased to 47,859 vehicles in the previous month, from 30,805 units sold in November 2019.
Domestic passenger vehicles sales climbed 108 percent to 21,641 units as compared to 10,400 units in the year-ago month.
However, total commercial vehicle sales (including exports) declined 9% to 27,982 units in November 2020 as against 30,588 units earlier.
Domestic commercial vehicles sales dipped 5% to 26,218 units in November this year, from 27,657 vehicles sold in the same month of 2019.
The Tata Group automobile maker witnessed a good start to the third quarter with volume recovery in JLR continuing, driven by China and US. JLR’s overall estimated retail sales moderated to 4% YoY in October.
Volume recovery on a QoQ basis coupled with cost cuts should drive deleveraging for the company. Risks include a sudden slowdown in its recovery trajectory and no-deal Brexit.
In Q2 of the current fiscal, the auto giant reported a consolidated loss of Rs 314.5 crore against Rs 216.56 crore loss in the year-ago period. However, it reduced its loss from Rs 8,437.99 crore on a quarter on quarter basis.
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