Tata Motors hits a 52-week high in Q1 FY24

On July 26, with 22 lakh shares trading hands on the NSE, shares of Tata Motors Limited reached a new 52-week high of Rs 665.

The company's board of directors gave their approval for the DVRs to be cancelled and replaced with common shares. For every 10 DVRs, Tata Motors would issue 7 fully paid-up ordinary shares with a face value of Rs. 2 under the proposed scheme.

Additionally, the automobile manufacturer reported a consolidated net profit of Rs. 3,203 crore for the first quarter, which was driven by higher passenger vehicle (PV) business margins and strong sales at its Jaguar Land Rover (JLR) premium car division. In the first quarter, the company's capital expenditures almost doubled to Rs 1,964 crore.

In the quarter under review, operating revenue grew by 42% to Rs 1.02 lakh crore. The company said in an exchange filing on July 25 that earnings before interest, taxes, depreciation, and amortization (EBITDA) for the quarter were Rs 14,700 crore, up 177 percent.

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Source: Media Reports