The luxury arm of Tata Motors, Jaguar Land Rover reported its best-ever February sales in the US by clocking over the sales growth of 26 per cent on a yearly basis. According to the company’s stock exchange filings, Luxury sedan Jaguar posted the sales growth of 59 per cent whereas SUV Land Rover recorded a sales jump of  19 per cent.
The shares of Tata Motors Ltd rose 10 per cent after the statement released, recording their single biggest intraday gain in nearly three years during the Tuesday trading before closing at Rs. 193.40 on NSE, posting a 7.27 per cent increase.
Joe Eberhardt, president and chief executive officer at Jaguar Land Rover North America LLC said that the sales were driven by demand for the Discovery Sport, Range Rover Sport, Jaguar XE and F-PACE. Tata Motors which posted biggest-ever quarterly loss by an Indian company during the December-end quarter would now be in much relief.
The loss was triggered by a one-time write-off for JLR because of slower sales in China, technology disruptions and the rising cost of debt. However, Tata Sons Limited, the parent company of Tata Motors has shown much confidence in the automaker despite the loss recorded.
According to the company’s stock exchange filing, Tata Sons has been acquiring shares of Tata Motors from the open market since Q3 results. Tata Sons purchased over 1.18 crore shares of the automaker during February 11, 12, 13 and 15 at an average cost of Rs 155 per share, aggregating the total amount around Rs 183 crores. Tata Sons now own 34.01 per cent stake in Tata Motors.
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