Shares of Tata Motors were in focus on Friday, a day after Jaguar Land Rover, a wholly-owned subsidiary of the company reported its quarterly sales for July to September quarter.

During the trading session on Friday, Tata Motors' share price surged as much as 1.36% to hit an intraday high of ₹628. The share price of the company opened ₹628 against the previous closing price. At 1:28 pm, the share price of Tata Motors was trading 0.56% higher at ₹623. This is in line with the broader BSE Sensex, which was trading 0.55% or 358.15 points higher at 65,989.72. At present, the share price of the company is trading 6.36% lower than the 52-week high of ₹665.3, which the company touched on July 26 this year. The share price is trading 66% higher than the 52-week low of ₹375.50, which the company touched on December 26 last year.

According to the company, during the quarter under review, the retail sales of JLR (including the Chery Jaguar Land Rover China) surged as much as 21% year-on-year (YoY) to 1,06,561 units against Q2 of FY23. The retail volumes were higher overseas by 56%. In North America, Europe, the UK and China, the retail volumes were up by 32%, 16%, 9% and 7%, respectively. The retail sales in H1 of FY24, surged by 25% YoY to 2,08,555 units, against the same period last year.

Meanwhile, the wholesale of JLR (excluding the Chery Jaguar Land Rover China JV) surged 29% to 96,817 units against Q2 of FY23. The wholesale volumes for the H1 of FY24 surged 29% year-on-year (YoY) to 1,90,070 units. “The order book continues to reflect strong demand for our products with 168,000 client orders at the end of the second quarter, reducing from 185,000 at the end of the first quarter, as expected, with increased order fulfilment. Range Rover, Range Rover Sport and Defender demand remains particularly strong, representing 77% of the order book,” says the company.

Notably, Jaguar Land Rover aims to clock 28 billion pounds in revenue in FY2024 and 30 billion pounds in revenue by FY26. As part of the company's 'Reimagine' strategy, Jaguar Land Rover will invest three billion pounds per annum in order to expand its portfolio. The company has a target of free cash flow of 2 billion pounds in FY24 and plans to reduce the net cash debt to zero by FY25.

Tata Motors is planning to launch a series of new electric vehicles for its Jaguar Land Rover (JLR) portfolio, N Chandrasekaran, MD, Tata Group said earlier. According to Chandrasekaran, the first new electric vehicle under JLR's 'Reimagine' strategy will be launched in 2024 and customer deliveries will commence in 2025. The pre-orders for the maiden pure electric Range Rover will begin this year.

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