Tata Motors (TTM) had a profitable third quarter that saw TTM stock skyrocket Monday.
India’s biggest automaker’s third-quarter results exceeded analysts’ expectations. Tata Motors’ Jaguar Land Rover sales boomed, causing net income to triple to 48.1 billion rupees ($771 million) from 16.3 billion rupees a year ago.
The carmaker’s third-quarter results exceeded the 35.1 billion-rupee analysts’ median and net sales rose 39% to 635.4 billion rupees. Dolat Capital analyst kunal Dalal said that the Jaguar Land Rover has been enjoying a golden period.
This vehicle has helped Tata Motors post impressive results in a time when executives expected a decline in trucks and cars at home.
TTM stock is up about 5.5% Monday.