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Tata Motors shares near record high, surge 7% in the last one week
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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Summary
For the month of April, Tata Motors’ sales were a mixed bag with Passenger Vehicle sales being under pressure.
Tata Motors Ltd. shares gained as much as 2% on Thursday and have now gained for the third day in a row. The stock has risen in seven out of the last eight trading sessions. During this period, the stock has risen from levels of ₹963 to today’s intraday high of ₹1,030.
The passenger and commercial vehicle manufacturer, which also gets a bulk of its sales from its UK-unit Jaguar Land Rover, hit a record high of ₹1,065 on March 31.
For the month of April, Tata Motors’ sales were a mixed bag with Passenger Vehicle sales being under pressure. PV sales rose only 2% from last year in April to 47,983 units. Electric Vehicle sales were also under pressure, declining 2% from last year to 6,364 units. Commercial Vehicle sales outperformed.
In a note on April 9, brokerage firm Morgan Stanley remained “Overweight” on Tata Motors with a price target of ₹1,013. The stock is currently trading above that price.
Nomura also maintained its “buy” recommendation on Tata Motors with a price target of ₹1,057.
Out of the 33 analysts that have coverage on Tata Motors, 24 of them have a “buy” rating on the stock, four have a “hold” rating, while five of them have a “sell” recommendation.
Shares of Tata Motors are trading 1.7% higher at ₹1,025. The stock has risen 30% so far in 2024. The stock was the only one that doubled on the Nifty 50 index in 2023.
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