Tata Motors Ltd. (TTMT), the Indian owner of Jaguar Land Rover, is poised for its highest close in almost eight months after sales of the luxury vehicles rose at the fastest pace in 1 1/2 years.
The shares advanced 2.9 percent to 220 rupees at 9:53 a.m. in Mumbai after surging as much as 3.6 percent. The stock has gained 23 percent this year, compared with a 6.2 percent increase in the benchmark Sensitive Index. (SENSEX)
Rising demand from China and Russia helped Jaguar Land Rover boost sales, said Basudeb Banerjee, an analyst with Quant Broking Pvt. Deliveries increased 45 percent to 30,981 units in December, the biggest monthly gain since June 2010, Tata Motors said in a statement yesterday. Land Rover sales rose 54 percent, boosted by the new Evoque compact sport-utility vehicle.
“Jaguar Land Rover volumes are rising on the back of the Evoque,” Mumbai-based Banerjee said. “The Evoque is getting a good response across the world, and things are looking good for Tata Motors.”
The Range Rover Evoque, which was introduced in September, was named the North American truck of the year last week in Detroit. It received 32,000 orders with deliveries running into the first quarter of this year, John Edwards, global brand director of Land Rover, said on Nov. 10.
The Jaguar Land Rover unit, based in Gaydon, England, generated 57 percent of Tata Motors’ revenue for the year ended March 31, up from 53 percent a year earlier. Tata Motors, India’s biggest truckmaker, acquired the brands from Ford Motor Co. in 2008.
To contact the reporter on this story: Siddharth Philip in Mumbai at email@example.com
To contact the editor responsible for this story: Young-Sam Cho at firstname.lastname@example.org