MUMBAI (Bloomberg) -- Shares in Tata Motors Ltd., the Indian owner of Jaguar and Land Rover, today rose to their highest level in more than 19 years after the company posted a first-quarter profit on demand for luxury SUVs and sedans.The automaker posted net income of 19.9 billion rupees ($430 million) in the three months ended June, compared with a loss of 3.3 billion rupees a year earlier. Sales rose 64 percent to 268.8 billion rupees.
Shares in Tata Motors, valued at $11 billion, closed up 4.2 percent at 957.30 rupees, outperforming the benchmark BSE index which fell 0.4 percent. It earlier hit 967.30 rupees -- their highest level in more than two decades, according to Thomson Reuters data.
Tata shares have soared some 660 percent since their lows of 126 rupees in February 2009 and have risen about 21 percent so far this year, outpacing a 4 percent rise in the main index and a rise of about 16 percent in the sector index.
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