Tata Motors is trading higher by around 3% to Rs 276, bouncing back over 4% from intra-day’s low on hopes of better second half (October-March) of the current fiscal on back of strong product plans.
“The company will launch six new models in the passenger car segment and 25 models in the commercial vehicle (CV) space in the second half in order to bring back momentum in its domestic sales, which have been hit by increasing competition and slow economic growth,” the repots suggests quoting Karl Slym, managing director, Tata Motors.
Meanwhile, Tata Group Company has reported a lower-than-expected 10.55% year-on-year growth in consolidated net profit at Rs 2,075 crore in the September 2012 quarter. Revenue increased 20% to Rs 43,403 crore during the reporting quarter over the year-ago period.
Analyst on an average had expected revenues of Rs 44,034 crore and net profit of Rs 2,186 crore from the India’s biggest automobile manufacturer.
The stock opened at Rs 268 and hit a low of Rs 265 in opening trades on the NSE. A combined 4.8 million shares have changed hands on the counter so far on the NSE and BSE.