Shares of Tata Motors Ltd gained over 6% on Tuesday's session as Jaguar Land Rover (JLR) wholesales in third quarter (Q3FY23) surged 13% as compared to Q3FY22, despite news of ongoing chip supply problems and Covid-led lockdowns in China during the quarter. This clearly indicates some improvement in chip supplies.
Jaguar Land Rover, is a wholly owned subsidiary of Tata Motors Ltd. The company's wholesale dispatched at Jaguar Land Rover (JLR) for Q3FY23 was up 2.7% sequentially, at 92,345 units. Jaguar wholesales for the quarter were 16,275 vehicles, while Land Rover wholesales for the quarter were 76,070 vehicles.
According to company's exchange filing, global wholesales of all passenger vehicles in Q3FY23 were at 2,24,600 units, higher by 23% as compared to Q3FY22.
"These numbers are ahead of our estimates of 88,101 units (down 2% QoQ). Hence, the company could report a better operating performance in Q3FY23, " said brokerage ICICI Direct Research.
On the retail front, volumes were, however, down 3.7% sequentially at 84,827 units.
Further, the company witnessed healthy demand for its products with order book increasing to around 2.15 lakh units vs. nearly 2.05 lakh units as of December 2022 end with approximately 74% orderbook formed by New Range Rover, Defender and New Range Rover sport.
Currently, the stock is trading at high volume of 30.9 million with a price gain of 6.11, and the weekly average delivery volume is 44.58%.