The shares of Indian automotive major, Tata Motors Ltd are set to close at a new record high in almost eight months after they rose 2.9 percent to Rs. 220 during the early morning today.

The increase is backed by reports that sales of the luxury vehicles rose at tis fastest elvel in a year and half in the country. The shares were trading at the level of Rs. 220 this morning after increasing as much as 3.6 percent.

The shares of the company have risen 23 percent in the year, compared with a 6.2 percent increase in the benchmark Sensitive Index of the Bombay Stock Exchange (BSE). The company which owns Jaguar Land Rover brands has seen increased demand for the luxury models from China and Russia, according to analysts.

The company said in a statement that deliveries increased 45 percent to 30,981 units in December, recording its biggest monthly increase since June 2010. The sale of Land Rover models increased 54 percent. The sales of Jaguar Land Rover have been boosted with the launch of new Range Rover Evoque model by the company.

The Jaguar Land Rover unit of the company generated 57 percent of Tata Motors’ revenue for the year ended March 31 compared to 53 percent in the previous year.