Tata Motors shares jump over 6 pc after earnings announcement

Shares of Tata Motors on Friday jumped over 6 percent, adding Rs 8,819 crore to its market valuation after the firm reported a consolidated net profit of Rs 3,043 crore in the December quarter.

The stock ended at Rs 445.55 apiece, up 6.34 percent on the BSE. During the day, it climbed 8.16 percent to Rs 453.20.

On the NSE, it jumped 6.25 percent to settle at Rs 445.25 per share.

It was the biggest gainer among the Sensex and Nifty components.

The company's market valuation also jumped from Rs 8,819.46 crore to Rs 1,47,981.46 crore on the BSE.

In volume terms, 24.79 lakh shares of the company were traded on the BSE and over 6.33 crore shares on the NSE during the day.

In the broader market, the 30-share BSE benchmark tanked 874.16 points or 1.45 percent to settle at 59,330.90.

On Wednesday, Tata Motors reported a consolidated net profit of Rs 3,043 crore in the December quarter, its first profit in two years, on account of robust sales.

The Mumbai-based auto major had reported a net loss of Rs 1,451 crore in the October-December quarter of the previous fiscal.

Stock markets were closed on Thursday on account of Republic Day.

Total income increased to Rs 88,489 crore in the period under review from Rs 72,229 crore in the year-ago period, the company said in a regulatory filing.

On a standalone basis, Tata Motors reported a net profit of Rs 506 crore in the third quarter, a jump of over two-fold, from Rs 176 crore in the October-December period of 2021-22.

The company said it remains cautiously optimistic about the demand situation despite global uncertainties.

''We will remain vigilant on demand and our continued focus on profitable growth, improving semiconductor supplies and stable commodity prices will aid revenue growth, margin improvement, and positive cash delivery in Q4 FY23,'' it added.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)