On Saturday, Tata Motors announced that its sales of JLR for FY20 were 12% lower (YoY) mainly on account of the impact of corona in Q4.

The company’s total retail sales for Q4FY20 were 109,869 vehicles, down 31% (YoY).

FY20 sales have been impacted across all regions with lower sales in North America (7.5%), China (8.9%), UK (9.6%), Europe (16.1%) and overseas (20.3%). China had generated double digit growth in Q2 and Q3 and, with lockdown measures easing, nearly all of the company’s retailers in the region have now reopened and sales are recovering.

The good news - retail sales of the new Range Rover Evoque were up 25% and sales of the all-electric Jaguar I-PACE increased 40%. The very first sales of the new Land Rover Defender also took place in the fourth quarter.

It looks like the market has decided to concentrate on this news alone and despite the impact on earnings, the stock price is up in the green. From its close of Rs.76.85 on Friday, the stock today opened at Rs.77, rose to an intraday high at Rs.83.35, going so close to its 10% UC of today at Rs.84.50.