NEW YORK (TheStreet) -- Shares of Tata Motors (TTM) closed up 7.51% to $41.11 on very heavy trading volume after the India-based automaker said its Jaguar Land Rover PLC more than doubled net profit in the latest quarter on strong sales of its luxury sports cars and SUV vehicles, shoring up earnings at the parent company as sales in India slow, the Wall Street Journal reports.
Tata Motors said net profit rose more than threefold to 53.98 billion Indian rupees ($883.8 million) for the quarter through June as revenue jumped 38% to 646.83 billion rupees. Net profit at wholly owned Jaguar Land Rover jumped to 693 million pounds ($1.16 billion) from 304 million pounds.
Jaguar Land Rover continued to benefit from surging demand for luxury cars and SUVs in North America, as well as in China and other emerging markets, the Journal said.
The contrast between Jaguar Land Rover's and Tata Motors' results in India couldn't be sharper, with the Indian company reporting a 26% decline in car sales in the first seven months of this year, the Journal noted.
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