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Shares of Tata Motors today jumped more than five per cent on the bourses on hopes that the sales figure of the company would get a significant boost when the auto maker would release fourth-generation Range Rover.
Shares of the company today settled for the day at Rs 262.80,higher by 5.29 per cent over its previous closing price and was the strongest mover of the 30-share benchmark index Sensex,which scaled the 18,000 mark today.
Tata Motors registered the sixth consequent day of gain and has added a whopping Rs 10,164 crore to its market capitalisation in the last six trading sessions.
At the end of today’s trading the market capitalisation (m-cap) of the stock stood at Rs 71,155 crore.
“At the moment,valuations of the stock are quite cheap. Besides,slew of recent and expected new launches also boosted the stock which is expected to boost the sales figure of the company further,” Ashika Stock Brokers Research Head Paras Bothra said.
Tata Motors yesterday,announced its foray into Indonesia with the setting up wholly owned Jakarta-based subsidiary and plans to launch its products next year.
Last week Tata-owned Jaguar Land Rover said it invested 370 million pound in upgrading its UK manufacturing facilities and in setting up of Land Rover assembly at Pune in India.
Inaugural sales of the fourth-generation Range Rover are to begin this month following a three-year engineering project,supporting 1,000 jobs in design,product development and manufacturing at Jaguar Land Rover,JLR Chief Executive Officer Ralf Speth said.
In August,demand for vehicles helped lift pre-tax profits by 32 per cent to 333 million pound for the first quarter of the current fiscal year,with more than 85,000 cars sold in the three months to June 30.
According to Speth,Range Rover has been a major contributor to that growth,with annual sales of all models increasing 20 per cent in 2011-12,driven particularly by rising demand in markets such as China and Russia.
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