Shares of Tata Motors was trading at Rs 650.90, around 0.49 percent lower during early trade on November 13. Moody's announced an upgrade on Tata Motors Corporate Family Rating on November 9. At close post Sunday's (November 12) Mahurat trading, Tata Motors was trading at Rs 653.40, around 0.34 percent higher.
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In a regulatory filing, the company said that Moody's Investors Service had upgraded the credit rating of Tata Motors Limited and Jaguar Land Rover Automotive, which is a wholly owned subsidiary of the company. Moody's has upgraded Tata Motors from Ba3 from B1 and Jaguar Land Rover to Ba3 from B1, and the probability of default rating (PDR) to Ba3-PD from B1-PD. According to a release, Moody's has also upgraded JLR's backed senior unsecured global notes to Ba3 from B1. The outlook on all ratings remains positive.
Also read: JLR puts Tata Motors on glide path to zero auto debt
On November 9, Tata Motors reported a consolidated net profit of Rs 3,764 crore for Q2FY24 up from a net loss of Rs 945 crore in the corresponding quarter last year. The automaker also reported a growth in net revenue to Rs 105,128 crore for the quarter ending September 2023, up from Rs 79,611.4 crore in the previous fiscal. Earnings before interest, taxes, depreciation and amortisation (EBITDA) for the the same period was up 86 percent to Rs 14,400 crore while the margin grew 400 basis points to 13.7 percent in Q2FY24.
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