Tata Motors Stock Soars 6% After Strong Earnings

New Delhi, Feb 5 (PTI) Shares of Tata Motors climbed nearly 6 per cent on Monday after the company reported two-fold jump in net profit at Rs 7,100 crore in the December quarter.

The stock jumped 5.46 per cent to settle at Rs 926.80 on the BSE. During the day, it zoomed 8 per cent to hit a record peak of Rs 949.60.

It rallied 5.80 per cent to Rs 929.75 on the NSE.

It was the biggest gainer among the BSE Sensex and Nifty firms.

The company's market capitalisation (mcap) jumped by Rs 15,949.67 crore to Rs 3,07,961.47 crore.

The company had posted a net profit of Rs 3,043 crore for the year-ago period, its first profit in two years.

Revenue increased 25 per cent year-on-year to Rs 1,10,600 crore in the third quarter of the current fiscal, the company said in a statement on Friday.

"We remain positive on all three auto businesses. We expect the performance to further improve in Q4 (March quarter) on account of seasonality, new launches and improving supplies at JLR.

"We achieved net debt reduction of Rs 9,500 crore in the December quarter, and we are confident of achieving our deleveraging plans," Tata Motors said in a statement.