Tata Motors hits record high: Shares of Tata Motors rose as much as 7.39 per cent to hit a record high of Rs 943.75 after the company’s robust performance in the December quarter (Q3FY24) earnings, coupled with record sales  in January.

The automotive giant reported a consolidated net profit that doubled to Rs 7,025 crore in the December quarter, compared to the same period last year, exceeding market expectations.

The stellar results were largely fuelled by Jaguar Land Rover (JLR), Tata Motors' luxury car unit, which saw a remarkable 27 percent increase in sales during the October to December period. JLR's high-end vehicles majorly contributed to Tata Motors' revenue, comprising about two-thirds of the total.

Additionally, Tata Motors’ revenue zoomed 25 per cent to Rs 1.11 lakh crore, beating analysts' estimates. The company also displayed improved margins on earnings before interest, taxes, depreciation, and amortisation (EBITDA), to 14.3 per cent, compared to 11.1 per cent in the same period last year.

Despite challenges in the domestic market due to sluggish demand, Tata Motors experienced modest growth with a 3 percent increase in total sales volumes. The international market, particularly JLR, played a pivotal role in the company's success.

Looking forward, Tata Motors expressed confidence in further enhancing its performance in the fourth quarter. They cited factors such as seasonality, new product launches, and improved supplies at JLR as key drivers for future growth.

As of 9:31 am, shares of Tata Motors were trading 6.80 per cent higher at Rs 938.45 per share.