The sales of automobile major Tata Motors witnessed a growth of 17% at 76,537 units in October this year as compared to 65,151 units in the same period last year, the company said on Tuesday. However, the automobile major witnessed a decline of 2% for commercial vehicle sales at 32,912 units in October against 33,674 units in the same period last year. Of this, the domestic sale of MH&ICV trucks and buses stood at 13,251 units, whereas the sales of SCV Cargo and pickup vehicles stood at 15,168 units.
The company’s domestic passenger vehicle sales, including electric vehicles in the domestic market, stood at 45,423 units, thus registering a growth of 33% as against 34,155 units. Meanwhile, the sales of electric vehicles in the domestic market was at 31,320 units as compared to 31,226 units in the year-ago period.
Meanwhile, passenger vehicles exports declined by 10% to 206 units in October this year on year-on-year (YoY) basis, as compared to 230 units in October last year. Notably, the Tata Group-owned automobile firm reported a decline in its flagship Jaguar Land Rover in July to September quarter this year at 88,121 units as compared to 92,710 units in the same period last year.
The development comes almost a month after Mahindra & Mahindra (M&M) replaced Tata Motors to become the second-largest automobile maker in terms of market capitalisation, after Maruti Suzuki. The combined market cap of Tata Motors and Tata Motors DVR stood at ₹1.58 lakh crore, as per the BSE data.
Following the announcement of domestic vehicle sales, the shares of Tata Motors surged as much as 2% to hit an intraday high of ₹422. The company hit a 52-week high of ₹536 on November 17, last year, whereas the company hit a 52-week low of ₹366 on May 12 this year.
Meanwhile, the brokerage firm JP Morgan has downgraded Tata Motors' rating from overweight to neutral, while slashing its target price of ₹525 to ₹455. The brokerage firm CLSA maintained an outperform rating on Tata Motors with a target price of ₹473.
