Tata Motors Ltd. (TTMT) rose to the highest in almost seven months in Mumbai trading after the automaker said November retail sales of its Jaguar Land Rover unit climbed to a record, helped by demand in China.
Tata Motors climbed as much as 3.1 percent to 284.95 rupees, headed for its highest close since May 15, and were changing hands at 284 rupees as of 9:52 a.m. in Mumbai. The shares have surged 59 percent this year, compared with a 25 percent increase in the benchmark Sensitive Index. (SENSEX)
Retail deliveries at Jaguar Land Rover rose 14 percent to 29,893 units last month, the luxury carmaker said in a statement yesterday. Surging sales of Land Rover vehicles in China, where sales increased 43 percent, and the Asia Pacific region, helped offset a 7 percent decline in North American deliveries, the automaker said.
“These sort of numbers should continue as the fourth quarter is usually a good quarter,” said Umesh Karne, an analyst at Brics Securities Ltd. in Mumbai. “And Jaguar Land Rover has new models such as the Range Rover and the F-Type that will begin being delivered next year.”
Land Rover sales increased 17 percent to 25,862 vehicles last month, while Jaguar sales declined 5 percent to 4,031 units, the company said.
Jaguar Land Rover is turning to emerging markets such as China, Russia and South Africa to pursue growth. The luxury unit this month signed a letter of intent with Saudi Arabia’s government to study the feasibility of setting up a factory in the nation.
The automaker also received written approval from China’s main industry planner to form a venture with Chery Automobile Co. and begin making cars in the world’s biggest auto market, Chief Executive Officer Ralf Speth said in November.
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