The Tata Motors stock rise in early trade today after the homegrown firm's UK arm Jaguar Land Rover (JLR) reported strong sales in the US market. The large-cap stock has gained after two days of uninterrupted fall.
The stock touched an intraday high of Rs 171.90 rising up to 3.43% compared to the previous close of 166.20 on the BSE. The stock is the top gainer on Sensex and Nifty today. On Nifty, the stock gained up to 2.32% to 169.90 levels.
The stock has lost 60.48% during the last year and 3.39% during the last month. 24 of 38 brokerages rate the stock "buy" or 'outperform', 11 "hold", two "underperform" and one "sell", according to analysts' recommendation tracked by Reuters.
The stock is trading below its 50-day and 200-day moving an average of 173.33 and 224.25 levels on the BSE.
JLR reported 24% higher US sales at 14,079 units in December 2018 compared to 11,394 units last year. Total Land Rover US sales rose 33 percent at 10,617 units against 7,980 units last year.
Jaguar US sales rose 1.4 percent at 3,462 units against 3,414 units in December 2017.
However, at home, Tata Motors too could not flee the drag on domestic sales which hit auto firms in December.
The Tata Group's auto arm reported an 8 percent fall in domestic sales to 50,440 units in December as compared with 54,627 units in the same month last year.
The company's passenger vehicle sales in the domestic market rose 1 percent to 14,260 units last month, compared with 14,180 units in December 2017.
The company said its commercial vehicle sales in the domestic market stood at 36,180 units in December, down 11 percent from 40,447 units in the same month last year.
Total exports during the month stood at 3,999 units, against 6,293 units in December last year, showing a dip of 36 percent, the firm said.
Meanwhile, the Sensex and Nifty lost all the gains they logged in early trade. While the Sensex was trading 37 points lower at 35,474, Nifty lost 30 points to 10,642 levels.
