Tata Motors global wholesales rose 24% year-on-year at 2,51,689 units.
Tata Motors shares have touched multi-year highs on the back of robust global wholesale numbers from Tata Motors and record order book for Jaguar land Rover. Tata Motors stock rose as much as 5 per cent intraday on Tuesday to Rs 435.65, its highest level since 2018, a day after the company announced that its global wholesales in second quarter of current financial year including Jaguar Land Rover were up 24 per cent year-on-year at 2,51,689 units.
Global wholesales of all Tata Motors' commercial vehicles and Tata Daewoo range in the second quarter were at 89,055 units, up 57 per cent over same period last year.
Wholesales of all passenger vehicles in the second quarter of current fiscal jumped 11 per cent annually to 1,62,634 units and Jaguar Land Rover clocked global wholesales of 78,251 vehicles, including CJLR volumes of 14,219 units. CJLR is a joint venture between JLR and Chery Automobiles and is an unconsolidated subsidiary for JLR.
Meanwhile, Tata Motors on Friday said that underlying demand for Jaguar Land Rover products remains strong with order books at record levels. However, it warned that retail sales of Jaguar Land Rover were constrained by the semiconductor shortage globally.
Analysts say Tata Motors is better placed than other auto makers in the country to deal with the ongoing shortage semiconductors facing the global automobile industry and this is also one of the reasons behind the upmove in Tata Motors stock price.
In the last four trading sessions, Tata Motors shares have massively outperformed the benchmark Nifty with a rise of 28 per cent. Tata Motors has been among the best bluechip counters this year; the stock has more-than-doubled from its closing price of Rs 183.70 on December 31.
Tata Motors stock has surged nearly seven times from the lockdown low of Rs 63.60 stuck on March 24, 2020.
Ace investor Rakesh Jhunjhunwala holds over 3.77 crore shares in Tata Motors translating into 1.14 per cent stake in the company, data from BSE showed.
As of 11:13 am, Tata Motors was the top gainer in the Nifty 50 basket of shares with a gain of 1.53 per cent at Rs 422.