New car registrations in the United Kingdom (UK) recorded 1.70% rise in May 2024 to 147,678 units from 145,204 units in May 2023.

Land Rover car registrations climbed 39.49% to 4,730 units in May 2024 from 3,391 units in May 2023. While Jaquar car registrations rose 1.64% to 1,363 units in May 2024 as compared with 1,341 units in May 2023.

Meanwhile, the company's board has approved has approved to set up a wholly-owned subsidiary namely TML Commercial Vehicles (TMLCVL).

TMLCVL is proposed to be incorporated with a paid-up capital of Rs 10,00,000 comprising of 5,00,000 equity shares of face value Rs 2 each fully paid-up in cash.

The company has incorporated TMLCVL for manufacturing automotive vehicles.

Earlier, the company has informed to the stock exchanges about the demerger of it into two separate listed companies, the Commercial Vehicles business and its related investments in one entity, and the Passenger Vehicles businesses including PV, EV, JLR and its related investments in another entity.

Meanwhile, the board of directors of Tata Motors, Tata Capital (TCL) and Tata Motors Finance (TMFL) has approved a merger of TMFL with TCL through an NCLT scheme of arrangement. As consideration for the merger, TCL will issue its equity shares to the shareholders of TMFL resulting in TML effectively holding a 4.7% stake in the merged entity.

TCL is one of the largest diversified NBFCs in India with an AUM of Rs 1.6 Lakh crore servicing customers with 25+ product offerings across Retail, SME and Corporate Segments. TMFL, with an AUM of Rs 32.5 crore predominantly provides financing solutions for new and old commercial vehicles(CV), passenger vehicles (PV), dealers and vendors.

The transaction is also in-line with TML’s stated objective of exiting non-core businesses and focus its capital spends on emerging technologies and products.

With this merger TCL will gain new customers in the fast-growing CV/PV financing segments, which it aims to serve with innovative products and digital offerings, whilst providing differentiated growth opportunities to employees.

JLR is owned by Tata Motors, a global automobile manufacturer of cars, utility vehicles, pick-ups, trucks and buses, offering extensive range of integrated, smart and e-mobility solutions. It is India's market leader in commercial vehicles and amongst the top three in the passenger vehicles market.

The company reported a consolidated net profit of Rs 17,528.59 crore in Q4 FY24, steeply higher from Rs 5,496.04 crore posted in Q4 FY23. Revenue from operations increased 13.52% YoY to Rs 1,19,213.35 crore in the quarter ended 31 March 2024.