Tata Motors Posts a Profit, Shares Rise

Tata Motors (TTM) posted quarterly earnings of 19.9 billion rupees ($430 million) in the second quarter, after a loss of 3.3 billion rupees in the year-ago quarter.

Consolidated net revenues jumped 64.2% from a year earlier to 271 billion rupees, the company said in a statement.

"Overall economic growth, robust IIP [industrial production] and availability of liquidity led to strong domestic demand in the quarter, resulting in volume growth for all vehicles," the statement said.

Monthly car sales in India hit a record high of 158,764 in July, and the industry is expected to continue growing thanks to economic growth, low penetration and readily-available credit.