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Tata Motors reports flat yoy global sales in June 2011
Tata Motors reported flat yoy global sales volume in June 2011, primarily due to a 12%
yoy decline in global passenger vehicle volumes. Total global volumes, however, witnessed
a marginal 1.8% mom increase to 89,846 units. Global commercial vehicle volumes
including Tata Daewoo and Tata Hispano Carrocera range posted healthy 13% yoy growth
to 45,285 units. Jaguar and Land Rover (JLR) posted lower-than-expected volume growth
as Jaguar sales witnessed a sharp 40.4% yoy decline, while Land Rover sales declined by
9.7% sequentially. JLR sales reported flat yoy growth of 0.8% (lower by 8.7% sequentially)
to 20,358 units with Jaguar and Land Rover reporting volumes of 4,038 and 16,320 units,
respectively. We recommend Neutral on the stock.
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