Tata Motors Stock Soars 8% on Strong Earnings
Feb 05, 2024 10:47
Tata Motors stock hit an all-time high after reporting a 2x jump in net profit for the December quarter. The company also achieved a significant debt reduction.
New Delhi, Feb 5 (PTI) Shares of Tata Motors jumped 8 per cent on Monday morning after the company reported two-fold jump in net profit at Rs 7,100 crore for December 2023 quarter.
The stock climbed 8 per cent to hit a record peak of Rs 949.60 on the BSE.
It was the biggest gainer among the BSE Sensex firms.
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.
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.