Tata Motors’ shares jumped as much as five percent on Tuesday after the auto major said its global wholesales in Q2 FY22, including Jaguar Land Rover, grew 24 percent on-year.

At 11:30 am, shares of Tata Motors were 1.7 percent higher at Rs 422.50 on the BSE. The stock registered a fresh 52-week high again today at Rs 435.65 after foreign brokerage Morgan Stanley maintained its ‘overweight’ stance on the stock with a target price of Rs 448.

Today’s upmove in the stock also follows the eight percent jump in the stock on Monday.

The stock has been gaining for the last four days and has generated nearly 27 percent returns during the same period.

Tata Motors’ global wholesales came in at 2,51,689 in Q2 of FY22.

Global wholesales of all Tata Motors’ commercial vehicles and Tata Daewoo range in Q2 FY22 were at 89,055, up 57 percent from the corresponding period last financial year.

Global wholesales of all passenger vehicles in Q2 were at 1,62,634, higher by 11 percent as compared to Q2 FY21.

Meanwhile, Jaguar Land Rover’s global wholesales stood at 78,251 vehicles. Jaguar wholesales for the quarter were 13,944 vehicles, while Land Rover wholesales for the quarter were 64,307 vehicles, Tata Motors said.

Earlier this week, Tata Motors said retail sales of JLR continued to be constrained by the impact of the global semiconductor shortage on production. However, the company highlighted that the underlying demand for JLR products remains strong with order books at record levels.

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First Published:Oct 12, 2021 11:32 AM IST