Tata Motors shares jump 8 per cent after Q1 earnings
Shares of Tata Motors on Monday jumped 8 per cent after the company's first-quarter earnings were better than estimates. The stock gained 7.98 per cent to close at Rs 113.05 on the BSE. During the day, it rose 9.26 per cent to Rs 114.40.
On the NSE, it jumped 6.92 per cent to close at Rs 111.90.
The company's market valuation gained Rs 2,579.85 crore to Rs 34,920.85 crore on the BSE.
In traded volume terms, 156.67 lakh shares were traded at the BSE and over 29 crore units on the NSE during the day.
The results were subdued, but better than estimates. Standalone Q1 EBITDA was also better than expected, Emkay Global Financial Services said.
"Tata Motors continues to outperform on the balance sheet as well as cost control initiatives," according to a report by Edelweiss Research.
The homegrown auto major on Friday reported a consolidated net loss of Rs 8,443.98 crore for the first quarter ended June 2020.
The company had posted a net loss of Rs 3,679.66 crore in the year-ago quarter.
Total income from operations during the period under review stood at Rs 31,983.06 crore as against Rs 61,466.99 crore in the corresponding quarter of the last fiscal.
The company's British arm Jaguar Land Rover (JLR) reported a 44 per cent dip in net revenue at 2.9 billion pounds during the first quarter.
On a standalone basis, the company said its net loss for the quarter was at Rs 2,154.24 crore as against a net loss of Rs 147.45 crore in the year-ago period.
Standalone revenue from operations stood at Rs 2,634.14 crore as compared with Rs 13,250.19 crore in the April-June period of 2019-20.
The management remains focussed on making the company more agile to improve its market, operational and financial performance by reducing costs, generating free cash-flows and providing the best in class customer experience, the Tata Motors CEO said.
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