Shares of Tata Motors gained more than 1 per cent to scale a 52-week high of Rs 639.50 at 9:20 am on Tuesday, with seven lakh shares changing hands on the NSE. At 10.52 am, Tata Motors is trading at Rs 637.20, up 1.26 per cent on the BSE. The company's wholly-owned subsidiary Jaguar and Land Rover (JLR) India logged its best-ever first-quarter sales figure clocking growth of 102 per cent to 1,048 units in the June quarter as compared with the same period last year.
JLR India in a statement said, "The company recorded a 209 per cent growth in the Range Rover, Range Rover Sport, and Defender sales. The three models continue to see sustained demand, contributing 78 per cent of the current order book."
The new models of Range Rover and Range Rover Sport were introduced in the second half of 2022-23. The company said that due to substantial demand for these vehicles, their order book for the first quarter of the financial year 2024 has increased by 88 percent compared to the previous year (YoY).
"This performance is testament to the exceptional equity of the JLR brands and our class-leading collection of modern luxury vehicles. Backed by the growing demand among our discerning clients, our order book remains strong and growing, and we are excited and confident of our India story ahead," JLR India Managing Director Rajan Amba said.
JLR said its pre-owned business grew 137 per cent in the first quarter of the current fiscal year.
The company stated that it has an impressive line-up of product initiatives scheduled for the year, starting with the enhanced Range Rover Velar – bookings for which commenced recently.
Tata Motors will announce its first quarter results on Monday. The automaker's revenue is expected to jump 40 per cent year-on-year, led by strong numbers at JLR's sales.
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