Tata Motors shares gain 2%, market capitalisation swells by Rs 1,701 cr
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Tata Motors shares today settled for the day with gains of more than 2 per cent and added over Rs 1,701 crore to its market capitalisation after its unit Jaguar Land Rover reported robust sales.
Shares of Tata Motors which had surged as much as 5 per cent during the day on the bourses, finally ended the day at Rs 304.60, higher by 2.11 per cent from its previous closing price, after Jaguar Land Rover reported 32 per cent increase in global sales in January.
Accordingly, the market worth of the company increased by Rs 1,701 crore to Rs 82,477 crore today. The company's market capitalisation stood at Rs 80,776 crore yesterday.
Marketmen attributed the surge in the counter to the impressive sales figure of JLR. Yesterday, Tata Motors-owned Jaguar Land Rover (JLR) reported 32 per cent increase in global sales for last month at 34,877 units.
Similar movement was witnessed on the National Stock Exchange as well, where the stock had jumped as much as 5 per cent during the day but settled at Rs 305, higher by 2.16 per cent from its last close.
"With one of the best month's sales performances ever, both Jaguar and Land Rover brands have had a very strong start to the year. This reflects the introduction of the all-new
Range Rover as well as the 2013 Model Year Jaguar XF and XJ models," JLR Director of Group Sales Operations, Phil Popham had said yesterday.
Land Rover sales were up in all major markets with record January sales in several geographies, including the UK, USA and Germany, the company said.