The share price of Tata Motors has risen today (February 11th) after the company's subsidiary Jaguar Land Rover (JLR) confirmed a significant rise in its profits.
It revealed in its latest results that it made profits of £842 million, which was up from £404 million for the same quarter in 2012, while the firm recorded revenues of £5.3 billion.
The popularity of the Jaguar XJ and XF, as well as the Range Rover Sport, boosted the company during the period and sales in the third quarter were revealed by the firm to have risen 27 per cent year-on-year to 112,172 vehicles.
JLR chief executive Ralf Speth explained that the West Midlands company's results were "a testament to the quality" of the cars it makes. He added that its award winning product offerings "continue to meet the exacting standards demanded by our customers around the world".
Tata Motors has invested heavily in UK car manufacturing since it bought JLR in 2008 from Ford in a deal worth $2.3 billion (£1.15 billion). Although it is now a few years since JLR was a UK-owned company, it continues to be one of the country's major success stories within the car manufacturing industry.
Brazil, India and the US are some of the major markets JLR sells cars to, as well as the UK and China. Models such as the Range Rover Sport are particularly popular with footballers in the UK, while the company has been targeting the growing middle classes in countries such as China, Brazil and India over the last few months.
Following the news of the improved results at JLR, the share price of Tata Motors has grown strongly today. By 08:35 GMT, stocks were trading 2.57 per cent up for the day and rising. Stocks were recorded at 373.55, which is close to the firm's 52-week high on record, which currently stands at the 405.00 mark.
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