Shares of Tata Motors rallied over 8% in intraday trade on Monday after the auto major released group global wholesales for the March quarter of the fiscal 2023. The global wholesales, which includes sales of its flagship Jaguar Land Rover (JLR) vehicles, grew 8% year-on-year at 3,61,361 units in the January-March period of FY23, the Tata Group company said in a regulatory filing.
Reacting to Q4 global wholesales, Tata Motors share price opened 2.85% higher at ₹450.05 against the previous closing price of ₹437.55 on the BSE. During the session, the auto heavyweight surged 8.1% to hit an intraday high of ₹473.10 on the back of strong volume trade. As many as 20.59 lakh shares changed hands over the counter on the BSE against two-week average volume of 3.15 lakh stocks. The stock finally settled 5.37% higher at ₹461.05 levels, with a market capitalisation of ₹1.53 lakh crore.
Tata Motors shares currently trades 7% lower than its 52-week high of ₹494.50 touched on August 17, 2022, while it is up 26% against its 52-week low of ₹366.05 hit on May 12, 2022. The stock has delivered a muted return of 2% in the last one year, while it surged 17% in six-month period. On the year-to-date (YTD) basis, the auto major has risen nearly 17%, while it added over 9% in a month. In the last five sessions, the counter has gained more than 11% as compared to 3.4% rise in the BSE auto index and 2% growth in the BSE Sensex.
In Q4 FY23, global wholesales of all Tata Motors' commercial vehicles and Tata Daewoo range stood at 1,18,321 units, down 3% as compared to the same period of FY22, Tata Motors said in post market hour filing on April 7. The equity markets were closed on Friday on account of Good Friday.
As per the exchange filing, global wholesales of Tata Motors passenger vehicles, includes sales of electric vehicles, were at 1,35,654 units in Q4 FY23, up 10% as compared to the corresponding period last year.
Global wholesales for JLR, the Britain-based subsidiary of Indian automaker, stood at 1,07,386 vehicles. This includes Chery Jaguar Land Rover (CJLR) volumes of 12,737 units. CJLR is a 50:50 joint venture between JLR and Chinese state-owned automaker Chery, which was formed to allow the production of Jaguar Cars and Land Rover vehicles in mainland China.
Jaguar wholesales for the quarter were 15,499 vehicles, while Land Rover wholesales for the period were 91,887 units.
Earlier this month, Tata Motors reported total sales of 2,51,822 units in Q4 FY23, up 3% over the same period last year. This includes domestic sales of 2,47,038 units, up 6% from 2,33,078 vehicles in Q4 FY23. For the full financial year ended March 31, 2023, the total domestic sales stood at 9,31,957, up 35% on a year-on-year basis.
As per the exchange filing, domestic sales of medium, heavy, and intermediate commercial vehicles (MH&ICV) in Q4 2023, including trucks and buses, stood at 54,435 units, compared to 40,391 units in Q4 2022. During the quarter under review, the total sales for MH&ICV domestic & international business were at 56,059 units compared to 52,976 units in the year ago period.