Shares of Tata Motors hit a 52-week high of Rs 804 on 2 January after the company reported a 5% YoY increase in total sales in December.

The company reported a 5% year-on-year (YoY) increase in its total sales to 77,855 units for December 2023 from 74,356 units sold in December 2022. The sales of commercial vehicles rose by 1% YoY to 34,180 units, whereas the sales of passenger vehicles jumped by 8% YoY to 43,675 units during the month.

Girish Wagh, executive director of Tata Motors, said, “The year-on-year growth trend witnessed during past quarters paused in Q3 FY24 on account of the higher base effect, impact of elections held across five states, and the post-festive season slowdown in rural consumption.”

However, Wagh remains positive about the trend ahead and expects the demand to improve during the final quarter of the current fiscal year across all the segments.

Tata Motors has been the only stock in the Nifty50 index that has doubled the investment of its investors in 2023.

At 12:15 pm, the shares of Tata Motors had lost all their early gains and were trading 0.60% lower at Rs 785.85 on NSE.