Mumbai: Tata Motors Ltd, replying to a clarification sought by stock exchanges on a letter written by Cyrus Mistry to the directors of Tata Sons Ltd, has defended and clarified credit and accounting practices related to the Nano car and Tata Motors Finance, its vehicle finance arm.

Mistry, the ousted chairman of Tata Sons, wrote in the leaked letter, “Before 2013, in order to shore up sales and market share, Tata Motors Finance extended credit with lax risk assessment. As a result, NPAs mounted in excess of Rs4,000 crore.”

Leading automaker Tata Motors today said its group sales grew 21 per cent in October while car sales posted the highest sales in four years with a growth of 28 per cent on strong festive demand.Total sales (passenger and commercial vehicles), including exports, rose to 52,813 units in October, posting a growth of 21 per cent, over 43,486 vehicles sold in the same month last year.

Shares of Tata Group companies were trading higher by up to 5%, recouping part of their losses recorded in past three trading sessions.

Tata Motors, Tata Motors DVR, Tata Communications, Tata Metaliks, Tata Elxsi, Tata Teleservices (Maharashtra), Tata Sponge Iron, Tata Coffee, Tata Global Beverages were up between 2%-5% on BSE. Tata Consultancy Services (TCS), however, is down nearly 1% as compared to 0.18% decline in the S&P BSE Sensex at 09:48 am.

Home-grown auto major Tata Motors has increased prices of its passenger vehicles by up to Rs 12,000 across models to offset rising input costs.

“We have hiked prices of our passenger vehicles by one per cent ranging between Rs 5,000 and Rs 12,000 due to rising input costs,” Mayank Pareek, President, Passenger Vehicles Business Unit, Tata Motors, told PTI.

Tata Motors today reported 5.35 per cent increase in global sales at 1,02,289 units, including that of Jaguar Land Rover (JLR) vehicles, for September.

It had sold 97,102 units in September 2015, Tata Motors said in a BSE filing.

Tata Motors has moved higher by 2% to Rs 563 on the BSE after the company said Jaguar Land Rover (JLR) achieved a strong 28% year on year growth in global sales during the month of September.

“Jaguar Land Rover, the UK's leading manufacturer of premium luxury vehicles, reported its best ever September retail sales of 61,047 vehicles, up 28% compared to September 2015,” Tata Motors said in a press release today.

NEW DELHI: Tata Motors has forayed into the Bolivian commercial vehicle (CV) market with the launch of three products in the South American country.

The Mumbai-based auto major has entered Bolivia through a distribution agreement with local partner Bolivian Auto Motors, which is part of Salvatierra, a business conglomerate engaged in distribution of motor vehicles and motor cycles in the Latin American country.

Tata Motors today said it has launched its first product, a versatile mini-truck SuperAce, in Vietnam.

The company has launched the vehicle in the Vietnam market, a year after foraying into the South East Asian country along with its local partner TMT Motors.

Commercial vehicle (CV) makers Tata Motors and Ashok Leyland have seen a sharp rise in bus orders from state transport undertakings (STUs). The two firms have together bagged orders for 8,600 buses worth about Rs 1,500 crore in the first five months of the current financial year. Most of these orders will be executed during the current financial year. STUs account for bulk of bus purchases in the country.

Tata Motors has bagged orders worth Rs 900 crore for over 5,000 buses from various state and city transport undertakings in the first five months of the financial year. The numbers mark a sharp 80% jump in order book over last year. Most of these orders will be executed during the current financial year.

“The big surge in STU (State Transport Undertakings) buying across, is being witnessed after a gap of nearly four years, indicating renewed focus of various state governments / city transport providers on public transport,” the largest commercial vehicle player in the country said.

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