Tata Motors shares pare early gains to end flat

New Delhi: Tata Motors shares on Wednesday pared most of its early gains to settle almost flat amid profit-taking.

During the morning trade, the stock hit the 52-week high level after the company reported a consolidated net profit of Rs 3,300.65 crore for the first quarter ended June 30.

The company's stock, which jumped 4 per cent to its 52-week high of Rs 665.30 during the day on the BSE, later pared most of the early gains to end at Rs 640.60, up 0.18 per cent.

At the NSE, it closed at Rs 639, registering a marginal decline of 0.07 per cent after rallying 4 per cent to its 52-week high of Rs 665.40.

On traded volume front, 20.03 lakh shares of the company were traded at the BSE and over 3.16 crore shares at the NSE during the day.

Tata Motors on Tuesday reported a consolidated net profit of Rs 3,300.65 crore for the first quarter ended June 30, riding on a sharp improvement in the performance of its British arm Jaguar Land Rover and commercial vehicles business.

The company had posted a consolidated net loss of Rs 4,950.97 crore in the same quarter last fiscal, Tata Motors said in a regulatory filing.

Consolidated revenue from operations stood at Rs 1,01,528.49 crore compared to Rs 71,227.76 crore in the year-ago period, it added.

Total expenses were at Rs 98,266.93 crore, as against Rs 77,783.69 crore.

On a standalone basis, loss after tax narrowed to Rs 64.04 crore, from Rs 181.03 crore in the year-ago period, the filing said.

Standalone revenue from operations was at Rs 15,733.05 crore, as compared to Rs 14,793.12 crore, it added.

Overall, Tata Motors said it continued its strong performance in Q1 FY24, showing a sharp improvement driven by JLR and commercial vehicles businesses, whilst the passenger vehicles business was steady, the company said.