Tata Motors shares rally 5% after July sales jump 51% YoY

Shares of homegrown auto major rallied 4.85 per cent to Rs 471.50 on the BSE in Monday’s trade after reporting a 51 per cent year-on-year (YoY) growth in total sales last month.

Tata Motors said that its total sales in the domestic and international market for July 2022 stood at 81,790 vehicles, compared to 54,119 units during July last year.

The company’s domestic passenger vehicle sales in July stood at 47,505 units, a YoY growth of 57 per cent. In the commercial vehicle segment, the sales were at 34,154 units, recording YoY growth of 43 per cent.

“Domestic sale of MH&ICV in July 2022, including trucks and buses, stood at 12,012 units, compared to 7,813 units in July 2021. Total sales for MH&ICV domestic & international business in July 2022, including trucks and buses, stood at 12,974 units compared to 8,749 units in July 2021,” Tata Motors said in a BSE filing.

The stock has rallied 59 per cent in the last one year but is down 5.3 per cent year-to-date.

Trendlyne data shows that the consensus recommendation from 30 analysts for Tata Motors is ‘buy’ with an average target price of Rs 530.2 or a potential upside of about 13 per cent.

In the meantime, the monthly sales data also boosted the Nifty Auto index, which advanced up to 3.3 per cent to hit a 52-week high of 12,955.80. Other top gainers in the index were M&M, Sona Comstar, and .

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)


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