Price of Tata Motors’ shares zoomed over 8 per cent on Monday after company posted better than expected first quarter results.

The scrip witnessed day’s high of Rs 113.40 up by 8.30 per cent. At 1.15 pm, shares of the company traded at is Rs 111.10, up by 6.11 per cent or Rs 6.40 on the BSE.

Similarly, on the NSE, shares witnessed a spike of 8.45 per cent to Rs 113.50. However, At 1.15 pm, it came down to trade 5.92 per cent higher or Rs 6.20 up at Rs 110.85.

Emkay Global Financial Services said that the results were subdued, but better than estimates. Standalone Q1 EBITDA was also better than expected.

“Tata Motors continues to outperform on balance sheet as well as cost control initiatives,” according to a report by Edelweiss Research.

The homegrown auto major on Friday reported a consolidated net loss of Rs 8,443.98 crore for the first quarter ended June 2020. The company had posted a net loss of Rs 3,679.66 crore in the year-ago quarter.

Total income from operations during June quarter stood at Rs 31,983.06 crore as against Rs 61,466.99 crore in the corresponding quarter of the last fiscal.

The company’s British arm Jaguar Land Rover (JLR) reported a 44 per cent dip in net revenue at 2.9 billion pounds during the first quarter.

On a standalone basis, the company said its net loss for the quarter was at Rs 2,154.24 crore as against a net loss of Rs 147.45 crore in the year-ago period.

Standalone revenue from operations stood at Rs 2,634.14 crore as compared with Rs 13,250.19 crore in the April-June period of 2019-20.

The management remains focussed on making the company more agile to improve its market, operational and financial performance by reducing costs, generating free cash-flows and providing the best in class customer experience, the Tata Motors CEO said.