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Tata Motors Roars Ahead After Upbeat Fiscal Q2 Earnings

Investing.com

Investing.com - U.S.-listed Indian car company Tata Motors (NYSE:TTM) surged in midday trade on Friday after its U.K. unit made a profit for its fiscal second quarter.

The company said its revenue was boosted by a 24.3% increase in China, to a total of £6.1 billion ($7.83 billion). Its Jaguar Land Rover range helped it post strong earnings last quarter.

“With £2.2 billion efficiencies achieved to date, Jaguar Land Rover remains on track to achieve the full targeted £2.5 billion by 31 March 2020 and further improvements beyond then," the company said in a statement.

Shares of the company skyrocketed 12%, while elsewhere in the sector Ford Motor (NYSE:F) rose 0.9% and General Motors (NYSE:GM) was up 1.4%.

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