The Indian car maker Tata Motors is humming along nicely.
The owner of brands including Jaguar and Range Rover reversed its losses yesterday, helping the shares reach a 19-year high. They closed 5 per cent higher at 1,006.7 rupees a share.
The company reported net income of 19.9 billion rupees in the three months ending in June, compared with a loss of 3.3bn rupees in the same quarter last year.
The biggest driver, so to speak, of earnings was the Jaguar Land Rover (JLR) division, which contributed about 60 per cent of Tata Motors' topline results. JLR posted net income of £221 million in the last quarter compared with a loss of £64m in the same period last year.
Tata Motors, a prominent presence on the streets of the UAE with its commercial buses, bought JLR in June 2008 for US$2.5bn.
"The results were very good. It is obvious now that margins have improved. Volumes for JLR are picking up and, more broadly, their domestic operations appear to be doing well," said Vaishali Jajoo, a senior research analyst at Angel Securities based in Mumbai.
Ms Jajoo has a "buy" rating on the stock with a target of 1,214 rupees. "It is trading at an extremely attractive valuation."
Tata Motors is part of the Tata Group and is now India's largest company in the car and commercial vehicle sector with more than 65 per cent of the market share. It has a market capitalisation of 557.5bn rupees and is dual-listed on the Bombay Stock Exchange and the New York Stock Exchange.
Fifty per cent of JLR's revenue comes from Europe. The quarterly results indicate private demand is withstanding the slowdown in Europe, which bodes well for Tata shares.
"Favourable currency movement and restructuring efforts at JLR helped to improve the margins," said Ms Jajoo.
Sales from JLR were so strong that Tata Motors is in need of considerably more engines than was initially expected and is now working with Ford to ease the shortage.
halsayegh@thenational.ae
Business Insights
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From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now
SPECS
Engine: 4-litre V8 twin-turbo
Power: 630hp
Torque: 850Nm
Transmission: 8-speed Tiptronic automatic
Price: From Dh599,000
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ADCC AFC Women’s Champions League Group A fixtures
October 3: v Wuhan Jiangda Women’s FC
October 6: v Hyundai Steel Red Angels Women’s FC
October 9: v Sabah FA
Sweet%20Tooth
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The biog
Job: Fitness entrepreneur, body-builder and trainer
Favourite superhero: Batman
Favourite quote: We must become the change we want to see, by Mahatma Gandhi.
Favourite car: Lamborghini
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COMPANY%20PROFILE
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COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
THE BIO
Favourite place to go to in the UAE: The desert sand dunes, just after some rain
Who inspires you: Anybody with new and smart ideas, challenging questions, an open mind and a positive attitude
Where would you like to retire: Most probably in my home country, Hungary, but with frequent returns to the UAE
Favorite book: A book by Transilvanian author, Albert Wass, entitled ‘Sword and Reap’ (Kard es Kasza) - not really known internationally
Favourite subjects in school: Mathematics and science
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
Company%20Profile
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Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
Disclaimer
Director: Alfonso Cuaron
Stars: Cate Blanchett, Kevin Kline, Lesley Manville
Rating: 4/5
Hili 2: Unesco World Heritage site
The site is part of the Hili archaeological park in Al Ain. Excavations there have proved the existence of the earliest known agricultural communities in modern-day UAE. Some date to the Bronze Age but Hili 2 is an Iron Age site. The Iron Age witnessed the development of the falaj, a network of channels that funnelled water from natural springs in the area. Wells allowed settlements to be established, but falaj meant they could grow and thrive. Unesco, the UN's cultural body, awarded Al Ain's sites - including Hili 2 - world heritage status in 2011. Now the most recent dig at the site has revealed even more about the skilled people that lived and worked there.
Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5