Shares of Tata Motors are down around 2 percent on Monday morning as investors turned wary of JLR sales for October.
It touched an intraday high of Rs 194.85 and an intraday low of Rs 191.10.
Tata Motors-owned Jaguar Land Rover reported 4.6 percent decline in total retail sales at 44,282 units in October.
Sales in China decreased by 49 percent as market conditions remained challenging amid tariff changes and continued trade tensions with the US, which are impacting consumer confidence and automotive purchases, Tata Motors said in a regulatory filing.
Retail sales rose significantly in the UK by 46.9 percent and North America by 24.1 percent on the back of newer models — Jaguar I-PACE and E-PACE and refreshed Range Rover and Range Rover Sport, it added.
During the month, Jaguar retail sales were 13,764 units, up 11.6 percent, driven by the EPACE and I-PACE as well as the long wheel base XEL from the company’s Chinese joint venture, JLR said.
On the other hand, Land Rover retailed 30,518 units in October, down 10.5 percent as increased sales of refreshed Range Rover and Range Rover Sport as well as the Velar were offset by lower sales of the Evoque and Discovery Sport, primarily in China, it added.
Nomura maintained a buy call on the stock with target at Rs 260. The brokerage factors in 7 percent decline in JLR volumes in FY19. Further, it is valuing JLR at Rs 234 apiece, while JLR’s stake in China JV at Rs 17 apiece.
At 09:52 hrs Tata Motors was quoting at Rs 191.70, down Rs 3.70, or 1.89 percent, on the BSE.
Source Credits: MoneyControl