This Tata Group Stock Has Zoomed Over 7% In Last 2 Sessions

Indices have been gaining ground on hopes of peace settlement between Russia-Ukraine and the expectation of a BJP win in key states. Also, as the Russian crisis with diplomatic stocks underway were anticipated to be settled soon, this stock held by held by ace investor Rakesh Jhunjhuwala recorded 7% gains in the last 2 sessions surging from a price of Rs. 391.75 as on the closing of March 8 to last close at Rs. 419.6 per share on the NSE. In fact in intra-day trade on March 10, the company's stock hit day's high price of Rs.434.95, while the stock's 52-week high has been Rs.536.7, signifying a significant difference of over 21%.

This Tata Group Stock Has Zoomed Over 7% In Last 2 Sessions

Tata Motors bags order to supply EVs to KSEB

The company also informed of it bagging order to supply 65 EVs to Kerala State Electricity Board (KSEB)."This order is part of a competitive pan India tender, floated by KSEB in line with the state's vision 'Go Green/Carbon Neutral' by 2030," the Tata Group company said in a release.

The company claims to have a considerable share in EVs market as of now."In an effort to make EVs even more accessible to all, Tata Motors is closely working with other Tata Group companies including Tata Power, Tata Chemicals, Tata Auto Components, Tata Motors Finance and Croma, to contribute to the faster adoption of EVs in India through its EV ecosystem called the "Tata uniEVerse"," the company said.

Brokerage firm ICICI Securities in its recent report had given a 'Buy' on the stock for substantial gains and target price of Rs. 703. "We believe, Tata Motors, the market leader in domestic CVs, would benefit from upcycle pushing margin up. In domestic PVs, the company reached a decadal-high market share and is also leading in electrification," ICICI Securities said in its recent report.
"We maintain BUY on Tata Motors with revised target price of Rs 703, implying 2.5x/12x JLR/standalone FY24E EV/EBITDA," it added.