New Delhi: Shares of Tata Motors on Monday jumped 8 percent after the company beat estimates in its first-quarter earnings.
On BSE, the company’s stocks rose 7.98 percent to close at Rs 113.05. On the NSE, it jumped 6.92 per cent to close at Rs 111.90.
The company’s market valuation gained Rs 2,579.85 crore to Rs 34,920.85 crore on the BSE. In traded volume terms, 156.67 lakh shares were traded at the BSE and over 29 crore units on the NSE during the day.
The homegrown auto major on Friday reported a consolidated net loss of Rs 8,443.98 crore for the first quarter ended June 2020.
The company had posted a net loss of Rs 3,679.66 crore in the year-ago quarter.
Total income from operations during the period under review stood at Rs 31,983.06 crore as against Rs 61,466.99 crore in the corresponding quarter of the last fiscal.
The company’s British arm Jaguar Land Rover (JLR) reported a 44 per cent dip in net revenue at 2.9 billion pounds during the first quarter.
On a standalone basis, the company said its net loss for the quarter was at Rs 2,154.24 crore as against a net loss of Rs 147.45 crore in the year-ago period.
Standalone revenue from operations stood at Rs 2,634.14 crore as compared with Rs 13,250.19 crore in the April-June period of 2019-20.
Tata Motors said that the outlook remains uncertain for the year with infections continuing to rise and intermittent lockdowns in many countries. However, we expect a gradual recovery of demand and supply in the coming months.
“In this context, we are committed to significantly deleveraging the business in the coming years and aim to generate positive free cash flows over last 3 quarters of the year by focusing on better front end activations of our exciting product range, and executing our cost and cash savings with rigour,” the company said.