The shares of Tata Motors Limited gained as much as 7 percent in the early hours on Tuesday as the stock reached an intraday high of Rs 415.80. Similarly, Tata Motors DVR was also trading 5 percent higher at Rs 219 levels.
The shares gained after the company’s global wholesales in Q3FY23, including Jaguar Land Rover, were at 3,22,556 which was higher by 13% Year on Year. The sales volume saw a major growth of 17% in North America and 13% in the United Kingdom.
In addition to that, Tata motors continue to see strong demand for its vehicles. As of 31 December 2022, the total order book increased to 2,15,000 client orders, up to around 10,000 orders from 30 September 2022.
Tata Motors Limited, part of Tata group, is engaged in the manufacturing of products passenger cars, trucks, vans, coaches, and buses. The company is also a market leader in the electric passenger vehicle segment in India.
As per the BSE filing, the company has set a roadmap to reduce emissions across our own operations and value chains by 2030 through approved, science-based targets. Range Rover, Discovery, and Defender collections will each have a pure electric model, while Jaguar will be entirely electric, it added.
The global research firm CLSA has raised the target price of Tata Motors to Rs 512 per share which represents an upside of 24 percent from the current levels.
The brokerage firm expects the JLR margin profile to improve led by volume growth, and for commercial vehicles (CV) and passenger vehicles (PV), the business margin to improve on lower commodity costs and price hikes.
Written by Anoushka Roy
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