Tata Motors Zooms 16% After Q2 Earnings

Shares of Tata Motors on Tuesday zoomed 16 per cent after the company posted strong quarterly results.

On the BSE, the scrip jumped 15.10 per cent to Rs 170.30.

On the NSE, it advanced 16.04 per cent to Rs 171.40.

The homegrown auto major on Friday reported a consolidated net loss of Rs 187.7 crore for the quarter ended September 30, against a loss of Rs 1,009.49 crore in the same period of 2018-19.

Equity markets were closed on Monday for 'Diwali Balipratipada'.

Further, the company also said its board has approved raising of around Rs 10,000 crore through preferential allotment to parent Tata Sons and external commercial borrowing.

Tata Motors said its total consolidated revenue during the period under review stood at Rs 65,431.95 crore as against Rs 71,981.08 crore in the year-ago period. It was partly affected by a Rs 3,400 crore system stock reduction in the domestic operations along with dealers.

The company's British arm Jaguar Land Rover (JLR) turned profitable, reporting a pre-tax profit of 156 million pounds, 246 million pounds better year-on-year, it added.

(PTI)