Equity Alert: Tata Motors off highs; Jun vehicle sales up 7% on yr

[K.Karthik Raja]

Equity Alert: Tata Motors off highs; Jun vehicle sales up 7% on yr
Wednesday, Jul 2
..............................................................................
Tata Motors off highs; Jun vehicle sales up 7% on yr
10:45AM--Shares of Tata Motors came off highs tracking the broad
market trend.
At 10:45AM, the shares were trading at 409 rupees, up 0.2%.
The stock had earlier risen 2% to 418 rupees after the company
late Tuesday posted a 7% rise in total vehicles sales for June at
47,245 units.
India's biggest vehicle manufacturer sold 25% more commercial
vehicles in June over last year, but posted a 2% decline in sales of
passenger vehicles.
The company also Tuesday increased prices of its commercial
vehicles by 3%.
However, we feel one reason for increase in June auto sales of
Indian auto majors could likely be advanced buying due to an
anticipated hike in prices.
So far today, 62,814 shares of Tata Motors have been traded on
BSE and NSE together. The company's July futures contract was at a 6-
point discount to the spot.