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Tata Motors shares soar over 8% after June quarter results

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Shares of Tata Motors on Monday soared more than 8% after the company reported better-than-expected quarterly earnings.

On the BSE, the Tata Motors stock jumped by 8.30% to touch Rs. 113.40. It rose 8.45% to Rs. 113.50 on the NSE.

According to a report by Edelweiss Research, Tata Motors continues to outperform on balance sheet as well as cost control initiatives.

The auto major on Friday reported a consolidated net loss of Rs. 8,443.98 crore for the first quarter ended 30 June, 2020.

Total income from the operations during the June quarter of fiscal year 2021 stood at Rs. 31,983.06 crore as against Rs61,466.99 crore in the corresponding period of the last fiscal.

Tata Motors’ wholesales (including exports) declined 81.5% to 25,294 units during the June quarter.

By 1:05 pm on Monday, shares of Tata Motors were trading at Rs. 109.20, up 4.30%, on the BSE; and at Rs109.20, 4.35% higher, on the NSE.

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