Tata Motors now bigger than Maruti on Dalal Street

Tata Motors shares jumped over 5% and hit a fresh 52-week high of Rs 886.30 on the BSE and its market capitalisation also surpassed that of India’s largest passenger carmaker Maruti Suzuki in the intraday trade on Tuesday.

At respective 52-week highs, the market cap of Tata Motors and Tata Motors DVR shares combined stood at Rs 3.24 lakh crore which was higher than the Rs 3.15 lakh crore market cap of Maruti Suzuki.

Tata Motor DVR are shares with Differential Voting Rights (DVR). They are permitted to be issued with differential voting and dividend rights and are different from ordinary shares in the way that they offer lower voting rights compared to ordinary shares. At a 52-week high of Rs 589.30, Tata Motor DVR shares’ m-cap stood at Rs 29,966 crore.

Meanwhile, Tata Motors’ market cap today touched Rs 2.94 lakh crore mark.

Tata Motors shares have rallied more than 9% in the last two trading sessions ahead of the company’s December quarter earnings on Friday, February 2.

The stock has delivered returns of over 90% over the last one year, outperforming Nifty Auto and broader Nifty which have given 41% and 23% returns, respectively during this period.

Earlier this month, the company reported a 27% uptick in JLR wholesales for the quarter ended December 30, 2023, at 101,043 units. Sequentially it was up 4%. The above wholesales numbers exclude sales by Chery Jaguar Land Rover, the company’s China JV, the exchange filing said. The year-to-date (YTD) wholesales for FY24 were 291,113 units, up 28% year-on-year.

The wholesale volumes for JLR’s top three best-selling models for the third quarter were up 49% for Range Rover Sport, 12% for Range Rover and 14% for Defender compared to Q3 FY23. The retail sales in Q3 FY24 were reported at 109,140, up 29% versus Q3 FY23 and up 2% versus Q2FY24. The FY24 YTD retail sales were 317,695 units, up 26% YoY.

Also Read: Muthoot Microfin shares rally 14% after Q3 profit jumps 119% YoY

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Roy Walsh

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