Tata Motors gained more than a percent intraday Thursday despite slow growth in Jaguar Land Rover sales.
JLR sales during June increased 7 percent to 9,161 units against 8,591 units sold in same month last year, driven by Land Rover.
Land Rover sales grew by 9 percent to 6,201 units while Jaguar sales increased 1 percent to 2,960 units compared with corresponding month last year.
Moreover, the luxury car maker’s retail sales in North America (NA) in June were up 3.1 percent YoY at 8,706 units against 8,448 units sold in same month previous year, aided by Jaguar cars.
Jaguar sales increased 7.4 percent to 2,946 units while Land Rover sales rose only 1 percent to 5,760 units on year-on-year basis.
Morgan Stanley retained overweight rating on the stock despite tepid JLR sales growth in US. It also maintained its price target of Rs 588, implying 37 percent upside over a period of one year.
At 10:49 hours IST, the stock price was quoting at Rs 436.00, up Rs 3.95, or 0.91 percent on the BSE.