BOMBAY -- India's top truck and bus maker Tata Motors Ltd. said Wednesday that its quarterly profit more than doubled and announced plans to list its shares on the New York Stock Exchange.
The company's past quarter net profit more than doubled to 2.23 billion rupees ($48 million), compared with 1 billion ($21 million) in the year ago period, as road and building projects spurred truck sales and cheap finance boosted car sales.
The net profit figure was short of a median estimate of 2.4 billion rupees ($52 million) in a Reuters poll of 10 analysts.
Tata's truck sales, like those of rival Ashok Leyland Ltd., surged as fleet operators bought more trucks to transport steel, cement and other goods across the vast country to tap demand spurred by increased investment in infrastructure.
Its car and utility vehicle sales jumped, although it faces intense competition from India's leading carmaker Maruti Udyog Ltd., 54 percent-owned by Suzuki; and from Hyundai Motor Co.'s local unit.
Maruti reported this week its first-quarter profit jumped 42 percent to 1.71 billion rupees ($37 million).
Consumers with rising incomes in a rebounding economy took advantage of three-decade low interest rates to borrow money to fund their car purchases.
There is plenty of room for growth as only eight of every 1,000 Indians own a car, compared with 35 in Thailand and 450 in the developed world.
Tata Motors' truck and bus sales by volume in the past quarter jumped 50 percent, while car and utility vehicle sales rose 35 percent.
The market lost ground in early May due to uncertainty about the outcome of the general election, and then plunged in mid-May after a surprise win for a Congress-led coalition backed by communists.