Tata Motors scrips up almost 6 percent

New Delhi, Aug 12 (IANS) Scrips of auto major Tata Motors settled around 6 percent higher on Tuesday a day after the company clocked a three-fold jump in its consolidated net profit for the first quarter (April-June) of 2014-15.

According to Tata Motors, the growth in business was due to strong demand for new products and richer geographic mix for its Jaguar Land Rover models.

Due to the surge in the stock, the company’s market value rose to Rs 1,27,672.84 crore.

The company’s stock ended the day 5.92 percent up at Rs 473.90 on the Bombay Stock Exchange.

The company said its consolidated revenue for the first quarter stood at Rs.64,683 crore, compared to Rs.46,796 crore posted during the corresponding quarter of the previous year.

The consolidated profit after tax after minority interests for the quarter was Rs.5,398 crore, compared to Rs.1,726 crore posted during the corresponding period of the previous fiscal

On a standalone basis, Tata Motors posted a revenue of Rs.7,705 crore in the first quarter, compared to the Rs.9,105 crore earned during the corresponding period in the previous fiscal.

The after-tax profit stood at Rs.394 crore down from Rs.703 crore posted during the previous year’s first quarter.

The sales (including exports) of commercial and passenger vehicles for the quarter, stood at 1,10,612 units, a decline of 28.3 percent compared to the corresponding quarter of the previous year.