BENGALURU, July 26 Reuters Shares of Tata Motors rose as much as 4.1 to a record high on Wednesday after the company reported a betterthanexpected firstquarter profit and announced a plan to cancel its 39;A39; ordinary shares.

The automaker was the secondbiggest gainer on the benchmark Nifty 50 index after engineering firm Larsen Toubro.

The Mumbaibased company posted a consolidated net profit of 32.03 billion rupees 391.3 million for the AprilJune quarter, compared with a yearago loss of 50.07 billion rupees.

That beat analysts39; estimates of a profit of 26.29 billion rupees, per Refinitiv IBES data.

Its UKbased Jaguar Land Rover JLR unit, which accounted for 70 of Tata Motors39; revenue, benefited from strong demand for its highermargin SUVs like the Range Rover and an improving supply of semiconductors after crippling shortages for several quarters.

JLR logged its highest production levels in nine quarters in AprilJune, while strong retail sales led to a 66 surge in revenue.

Strong free cash flow FCF generation is expected to support higher investments towards electrification at JLR, JM Financial Institutional Securities said in a note.

Kotak Institutional Equities increased its estimates for the company39;s consolidated earnings before interest, taxes, depreciation, and amortisation EBITDA by 12 to factor in the firstquarter performances of JLR and Tata Motors39; domestic commercial vehicle business.

Separately from the results, Tata Motors said it will…