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Tata Motors shares jumped on Friday, a day after the auto major reported a surprise standalone net profit boosted by improving margins. The Tata Motors stock rose 8.7 percent to end at Rs 404.4 apiece on BSE.

After market hours on Thursday, Tata Motors reported a standalone net profit of Rs 413.3 crore for the January-March period, as against expectations of a net loss.

Its standalone revenue, however, came in at Rs 17,338.3 crore, as against the estimate of Rs 26,478 crore by the analysts, according to a regulatory filing. Tata Motors' standalone margin came in 90 bps ahead of estimates.

Jaguar Land Rover (JLR) revenue fell 27.1 percent on a year-on-year basis to 4.8 billion pounds, in line with the estimates. The EBITDA margin of the unit came down to 12.6 percent from 15.3 percent in the corresponding period a year ago.

According to CLSA, the company's domestic business looks strong though challenges at Jaguar Land Rover are likely to continue. It upgraded the stock to 'underperform' from 'sell' and raised its target price for the stock by 4.8 percent.

JPMorgan continued with its 'overweight' rating on the stock with a target price of Rs 525.

Tata Motors shares were on course to break a five-day losing streak on Friday.

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First Published:May 13, 2022 10:36 AM IST