New Delhi: Tata Motors’ share price jumped 8 per cent Monday morning after the company reported two-fold jump in net profit at Rs7,100 crore for December 2023 quarter.
The stock climbed 8 per cent to hit a record peak of Rs949.60 on the BSE.
It was the biggest gainer among the BSE Sensex firms.
The company had posted a net profit of Rs 3,043 crore for the year-ago period, its first profit in two years.
Revenue increased 25 per cent year-on-year to Rs1,10,600 crore in the third quarter of the current fiscal, the company said in a statement on Friday.
“We remain positive on all three auto businesses. We expect the performance to further improve in Q4 (March quarter) on account of seasonality, new launches and improving supplies at JLR.
“We achieved net debt reduction of Rs9,500 crore in the December quarter, and we are confident of achieving our deleveraging plans,” Tata Motors said in a statement.
PTI
