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Tata Motors moves up on the rise in sales of Jaguar Land Rover in March
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Tata Motors moves up on the rise in sales of Jaguar Land Rover in March

Agency News

As the sales of its luxury carmaker Jaguar Land Rover's rose 7 per cent to 14,232 units in the United States in March, Tata Motors shares has become hot on share market.

Shares of Tata Motors rose as much as 1.4 per cent and Tata Motors DVR climbed as much as 2.08 per cent.

Land Rover had its second best ever March sales month with 9,492 units, a decrease of 13 per cent from 10,972 in March 2018, the company said in a press release. Jaguar sales were 3,679 units, a 13 per cent increase from 3,260 units in March 2018, the release added.

"Jaguar Land Rover continues to achieve strong monthly sales due to its robust product offering in the market," said Joe Eberhardt, President and CEO, Jaguar Land Rover North America, LLC.

But S&P Global Ratings had downgraded the credit rating of Tata Motors and its wholly-owned subsidiary JLR, citing weak profitability, Tata Motors said Thursday.

At the same time, analysts at JP Morgan have ‘hold’ rating on the stock on the expectation of faster-than-expected volume growth in JLR.