Tata Motors stock rallies 6 per cent on robust Jaguar Land Rover sales

New Delhi: Shares of Tata Motors on Wednesday surged as much as 6 per cent in morning trade on the bourses after JLR India reported a 83 per cent rise in FY18 sales and lined up 10 new products for the new fiscal.

Tata Motors-owned Jaguar Land Rover on Tuesday said it plans to bring 10 new products in India in 2018-19, riding high on 83 per cent jump in sales in the last fiscal.

Following the announcement, shares of the company opened at Rs 349.85, then touched an intra-day high of Rs 363.00, up 5.72 per cent over its previous closing price.

On NSE, the stock opened at Rs 346.80, then jumped to a high of Rs 362.90, higher by 5.77 per cent over its previous closing price.

The company's new products such as the fifth-generation all-new Land Rover Discovery and the New Range Rover Velar have been received very well in the market.

Besides, other models like Jaguar XE, XF and F-PACE and Land Rover Discovery Sport and Range Rover Evoque have also done well during the year, said Jaguar Land Rover India President & Managing Director Rohit Suri.