On Friday, Tata Motors’s shares lengthened their winning streak to the 11th day after hitting a 28-month high of ₹261.50 on BSE. Since September 2018, the stock was trading in its highest level.
The company clarifies that there are no plans on the partnership with Tesla for electric mobility. After this, the stock was ruling 5% higher on BSE. In a press meeting, Tata Motors said that they haven’t taken any decisions regarding a partner for its PV business and that they denies any rumors suggesting it. Medias had suggested that US based Tesla may have a partnership with Tata Motors for its venture into the Indian Market. This rumor was farther charged by the official tweet of Tata motors EV with an encrypted message welcoming Tesla to India. This tweet was taken down later.
It has improved 32% in the past 1 week. This happened right after the posting of a second successive QoQ recovery in sales by the company’s subsidiary Jaguar Land Rover. During this week, the S&P BSE Sensex acquired 1%. The company’s share price has increased 42% so far in January 2021 with today’s reach against a 3% upsurge in the benchmark index.
On Monday, JLR released its Q3FY21 sales figures. It showed a substantial hit as a consequence of the pandemic. The company also emphasized the strong sales in China were distinctly inspiring with a 19.1% YoY and 20.2% up on the prior quarter.
The management said that China being a less impacted region by Covid-19 in the recent quarter, its performance has been distinctly inspiring with their sales developing on the basis of both a YoY and QoQ.
Tata Motors said on January 1 that the company announced a 21% rise in vehicle sales in the domestic market in December. ILCVs and M&HCVs led the development by 7% and 10% respectively over Q3FY20. They had elevated demand in infrastructure, that includes mining, e-commerce and road construction. The company said that the offtake pursued to be higher than retail in order to prop up sequential month over month in retail. They have also ensured proper inventory levels in the pipeline.
In the meantime, ICICI Securities anticipated Tata Motors to report a steady performance in Q3FY21.