Tata Motors DVR and Tata Motors stock are among the top three gainers since the opening bell on the BSE; the DVR, which had closed yesterday at Rs.373.10, rose to hit a new 52-week high today at Rs.440 and Tata Motors too, from its close of Rs.639.45, went on to hit a new high at Rs.665.30.

The company had two reasons to cheer – the better-than-expected earnings for Q1FY24 and cancellation of DVRs.

The company’s Board yesterday, approved cancellation of DVRs and replace them with ordinary shares. Under the proposed scheme, Tata Motors will issue 7 fully paid-up ordinary shares of face value Rs 2 each, for every 10 DVRs.

This apart, on the earnings front, the company reported a consolidated revenue of Rs.1,02,236 crore, up 42% (YoY), on which it turned around with a net profit of Rs.3203 crore v/s loss of Rs.5007 crore.

The company’s EBITDA came in at Rs.13,218 crore, up 448% while margins surged from 3.4% to 12.9%.

Improved margins on its passenger vehicles and excellent sales of JLR helped post this robust performance.