Tata Motors hits brakes
Tata Motors had hit a new high on 10th April at Rs.435 and then on 11th April at Rs.437.70 but today,, it has dropped over 2.5%, to hit an intra day low at Rs.411.30.
Apart from profit taking, the stock was hit by the fall it reported in its global wholesales for March 2014. The company announced a Press Release stating that its global wholesales, including JLR, fell 18% to 95,668 units vis-à-vis March 2013. And for FY14, global wholesales including JLR fell 16% to 10.09 lakh units (YoY).
But when one looks at only JLR, there has been an increase. For March’14, global wholesales of Jaguar Land Rover rose 1.47% to 43,311 units and for FY14, Global wholesales of Jaguar Land Rover rose 15.53% to 4.29 lakh units. Thus the pressure, as we have been over the past few quarters, is more on the domestic front, while JLR continues to lead the company’s performance.