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Tata Motors rallies more than 8 percent after company says order book at record level

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Tata Motors rose 9.1 per cent to hit a new 52-week high of Rs 417.3.

Shares of luxury carmaker Jaguar Land Rover’s parent – Tata Motors – rose 9.1 per cent to hit a new 52-week high of Rs 417.3 on Monday after the company informed exchanges . Land Rover products for Jaguar continue to be strong with the order book at record levels. However, the company warned that Jaguar Land Rover’s retail sales for the three months ended September 2021 were hampered by the impact of global semiconductor shortages on production.

“Retail sales for the second quarter ended September 30, 2021 were 92,710 vehicles, down 18.4 percent compared to 113,569 vehicles sold in Q2 last year. Retail sales across most regions, including North America (15.6 percent), were year-on-year. The year was low, in China (-6.3 per cent), Europe (-17.0 per cent), and the UK (-47.6 per cent), but were up in our overseas region (+10.0 per cent),” Tata Motors said in a press release.

Retail sales across all models were down year-on-year with the exception of the new Land Rover Defender, which grew 70.4 percent year-on-year to 16,725 vehicles, making it our bestselling model for the quarter.

“The global semiconductor supply issue represents a significant near-term challenge for the industry, which will take time to work through. However, it is encouraging that we were still able to grow Land Rover Defender sales in Q2. In addition, we are pleased to have a record company order book that reflects the underlying demand for our products that we will satisfy as semiconductor supply recovers,” said Lenard Hornick, Jaguar Land Rover’s Chief Commercial Officer.

In the last three sessions, Tata Motors shares have risen 25 per cent, outperforming the Sensex by a massive 2 per cent gain.

Till 11:39 am, Tata Motors shares were trading at Rs 417.50, up 9 per cent.

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