Tata Motors Ltd shares declined by 4% on weak JLR sales in the UK:
Tata Motors Ltd: It is a multinational automotive manufacturing company in India located in Mumbai. However, the company works under the subsidiary of Tata Group, an Indian Conglomerate. The company manufactures passenger cars, trucks, vans, coaches, buses, sports cars, and military vehicles across India.
Initially, the company was also known as Tata Engineering and Locomotive Company (TELCO) and later renamed Tata Motors Limited. It provides services in automotive finance, vehicle leasing, vehicle services across the country. The present chairman of the company is Natarajan Chandrasekaran.
Meanwhile, on Friday, March 5th, the shares of the automotive company plunged almost 4% in the stock market. The main reason for this is the company posted weak JLR sales in the United Kingdom during the month of February.
Moreover, the company posted a double-digit decline in JLR sales during February month. The company Jaguar Land Rover sales declined by 26% to 2,171 units. The company sold 2,929 units in the same month last financial year.
Whereas, the Jaguar sales decreased by almost 60.60% YoY to 334 vehicles in February 2021. While the Land Rover sales decreased by almost 11.70% to 1,837 vehicles Year-on-Year (YoY).
The company also posted its domestic sales for the month of February increased by 54% YoY to 58,473 vehicles compared to the previous year. While the total sales of the company stood at 61,365 vehicles as against 40,619 vehicles in the same month last year.
On the other side, the commercial vehicle sales of the company increased by 21% YoY to 33,966 units. While the passenger vehicle sales increased by almost 119% YoY to 27,225 vehicles in February 2021.
The passenger vehicle sales of the company during the month of February 2021 have been the highest-ever for Tata Motors almost 9 years nearly, said Tata Motors in its BSE filing statement.
However, the shares of Tata Motors Limited reported a bearish trend in the stock market on Friday. It lost 12.75 points with a 3.76% decrease and reached 326.45 INR. While in BSE, the company lost 14.10 points with a 4.16% decrease and reached 325.10 INR.
Stock Market on March 5th:
On Friday, both Sensex and Nifty continue their bearish trend in the stock market from the last session of the market. The Sensex is trading below 50,450 levels and nifty trading below 15,100 levels in the stock market. The Sensex lost 440.76 points with a 0.87% decrease and reached 50,405.32 levels. While the nifty l0st 142.65 points with a 0.95% decrease and reached 14,938.10 levels.
On the other side, the number of coronavirus cases in India on Friday, March 5th reached 1,11,73,761 with almost 1,57,548 deaths.
In the border markets, the S&P BSE SmallCap index reported a bearish trend in the stock market on Friday. It lost 318.05 points with a 1.50% decrease and reached 20,936.02 levels. Whereas the S&P BSE MidCap lost 396.39 points with a 1.89% decrease and reached a 20,587.80 level. But, the Nifty Bank lost 574.35 points with a 1.60% decrease and reached 35,228.15 level.
Top Gainers on March 5th: ONGC, GAIL India, Maruti Suzuki, Kotak Mahindra Bank, and Hero Motocorp are the top gainers in today’s stock market.
Top Losers on March 5th: IndusInd Bank, Tata Motors, Wipro, UPL, and Hindalco Industries are the top losers in today’s stock market.