Market News
2 min read | Updated on October 08, 2024, 15:49 IST
SUMMARY
On Monday, Tata Motors-owned Jaguar Land Rover reported a 3% decline in retail sales at 1,03,108 units for the second quarter of the current fiscal (Q2 FY25) as compared to the year-ago period.
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The stock, whose price stood at ₹394.80 on January 2, 2023, zoomed nearly 200% to hit a record high of ₹1,179.05 in 16 months.
On Tuesday, October 8, shares of the auto major settled at ₹919.85, down 0.89% on the BSE.
The stock, whose price stood at ₹394.80 on January 2, 2023, zoomed nearly 200% to hit a record high of ₹1,179.05 in 16 months.
However, of late, the stock has been on a downward journey. In a month, Tata Motors shares have slipped nearly 12%.
On Monday, Tata Motors-owned Jaguar Land Rover reported a 3% decline in retail sales at 1,03,108 units for the second quarter of the current fiscal (Q2 FY25) as compared to the year-ago period.
Retail sales for the first six months of the financial year were at 2,14,288 units, up 3% year-on-year, Tata Motors said in a statement.
Production in Q2 FY25 was restricted to 86,000 units, down 7% as compared to 93,000 units in the year-ago period as a result of aluminium supply disruptions reported in Q1 FY25, it added.
Further, for September, Tata Motors reported a 15% decline in total domestic sales at 69,694 units as compared to 82,023 units in the year-ago month.
Total passenger vehicle (PV) sales in the domestic market, including electric vehicles, stood at 41,063 units last month as against 44,809 units in September 2023, down 8%, Tata Motors said in a statement.
"The PV industry in Q2 FY25 saw more than 5% decline in retails (Vahan registrations) compared to Q2 FY24, driven by slow consumer demand and seasonal factors. In contrast, industry offtake was significantly higher than registrations in anticipation of a strong start to the festive season, resulting in a continued buildup of channel stock," Tata Motors Passenger Vehicles Ltd and Tata Passenger Electric Mobility Ltd Managing Director Shailesh Chandra said.
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