The shares of Tata Motors Limited inched up by 2.3 per cent on Friday morning and were trading at Rs 421 levels. The shares are trading in the green after the quarterly results of the company improved.
In Q2FY23, the Tata group company reported a consolidated net loss of Rs 945 crore compared to Rs 4,441.5 crore, which they incurred a year earlier in the same period. The company saw increased sales of Jaguar Land Rover (JLR) and its other commercial vehicles.
The consolidated revenue from operations rose 29.7% to Rs 79,611.3 crore in the quarter under review, as against Rs 61,378.82 crore registered in the year-ago period.
ICICI Securities Limited remains bullish on the stock and has given a ‘Buy’ call with a target of Rs 571 per share which represents an upside of 36% from the current levels.
“India business though impacted temporarily, is largely set to reach the targeted 10% EBITDA margin level in coming quarters with margin tailwinds coming in place,” highlighted ICICI Securities in its report.
Tata Motors Limited, part of the Tata group, is an Indian multinational automotive company that manufactures passenger cars, trucks, vans, coaches, and buses. The company has a market capitalization of Rs 1,40,124 Crores.
The promoters hold a 46.4 per cent stake in the company and have pledged a 1.82 per cent stake. While Foreign Institutional Investors (FIIs) hold a 19.1 per cent stake as per the latest shareholding pattern.
Written by Anoushka Roy
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