MUMBAI, India (AP) — India's Tata Motors posted quarterly profit of 19.9 billion rupees ($428.4 million) yesterday, turning around a loss as reviving global demand for its Jaguar and Land Rover brands made up for rising commodities costs.

The company returned to profitability on a consolidated basis for the April to June quarter from a loss of 3.3 billion rupees ($70.9 million) during the same period last year.

Consolidated quarterly revenues grew 64.2 percent, to 270.6 billion rupees ($5.8 billion). The results far exceeded expectations and sent the stock to its highest in at least 20 years. Shares closed up 4.17 percent at 957.3 rupees on the Bombay Stock Exchange, while the benchmark Sensex index slipped 0.37 percent.

With the turnaround at Jaguar Land Rover well underway, Tata executives said they plan to ramp up hiring and foster in-house innovation.