Tata Motors shares rose about 2.50 per cent to hit a 52-week high of Rs 809.20 on Tuesday after its wholly-owned subsidiary, Jaguar Land Rover (JLR), posted a 27 per cent rise in wholesales for the third quarter.
The automaker sold 1.01 lakh units in the third quarter ending December 31, 2023, compared to the same period a year earlier. This marks the highest wholesales JLR has seen in 11 quarters, as per a statement by the company.
For the fiscal year 2024 so far, the year-to-date wholesales have reached 2.91 lakh units, marking a significant 28 per cent increase year-on-year, according to the statement.
Despite a drop from 1.68 lakh to 1.48 lakh in client orders between the second and third quarters, JLR's order book continues to demonstrate strong demand for its products. The decline is attributed to improved order fulfilment, resulting in extended waiting times for vehicle deliveries, as noted by JLR.
"The order book continues to reflect strong demand for JLR products, with 1,48,000 client orders at the end of the third quarter. This has reduced from 1,68,000 at the end of the second quarter, reflecting increased order fulfilment to clients and resulting in improved client waiting times for our highly desirable vehicles. Demand for Range Rover, Range Rover Sport, and Defender remains particularly strong, representing 76 per cent of the order book," the company said in an exchange filing.
The Range Rover, Range Rover Sport, and Defender models are consistently in high demand, jointly accounting for 76 per cent of the order book, the company said.
As of 11:36 am, shares of Tata Motors were trading at Rs 802.65, 1.72 per cent higher than the previous close.
(With PTI inputs)
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