Tata Motors' global wholesale sales increase by 10.5% in October 2011:Angel Broking,

Please Share:: India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��


Tata Motors' global wholesale sales increase by 10.5% in
October 2011
Tata Motors (TTMT) reported healthy wholesale volumes for October 2011, driven
by sustained growth momentum on the Jaguar and Land Rover (JLR) front. Total
global sales grew by 10.5% yoy (down 10.7% mom) to 95,789 units. Global
commercial volumes posted modest growth of 6% yoy (down 16.5% mom), driven
mainly by domestic sales. However, global passenger vehicle volumes grew by
healthy 14.5% yoy (down 5.3% mom) on the back of strong growth momentum
witnessed at JLR. Wholesale volumes of JLR posted robust 38.8% yoy (down 5.4%
mom) growth to 26,158 units. Jaguar sales registered 62.5% yoy growth to 5,231
units, led by introduction of Jaguar XF 2.2 diesel model. Land Rover sales also
posted strong 33.9% yoy growth on the back of the recently launched Range
Rover Evoque. JLR products continued to witness strong volume traction in China
and Russia, which has managed to offset the subdued performance in Europe, US
and UK. We expect JLR to maintain its volume growth going ahead on the back of
strength of its recently introduced models. We maintain our Neutral rating on the
stock.