Tata Motors Share Rallies 8% On JLR Sales, Goldman Sachs Upgrades Target Price

Shares of Tata Motors witnessed a sharp jump of 8% in trade on Monday after the company declared an 8% year-on-year jump in group global wholesales including Jaguar Land Rover (JLR).

Tata Motors shares rallied 8.12% to Rs 473.10 per share on the BSE while on NSE, it surged 8.14% to Rs 473.30 apiece in early morning trade. Tata Motors shares emerged as the top gainer among the BSE Sensex and NSE Nifty shares.

It is worth noting that Tata Motors earlier on Friday announced an 8% YoY surge in group global wholesales that included JLR too, at 3,61, 361 units in the Q4 of FY 23.

According to a PTI report, "Global wholesales of all Tata Motors' commercial vehicles and Tata Daewoo range in the January-March period this year stood at 1,18,321 units, up 3 per cent over the same period of FY22, Tata Motors said in a statement on Friday."

Meanwhile, "Global sales of JLR stood at 1,07,386 vehicles in the March quarter, which comprised 15,499 units of Jaguar and 91,887 units of Land Rover, it said," added the PTI report.

It is important to note that many brokerage houses have recommended investors to buy Tata Motors share.

Motilal Oswal has recommended investors to buy Tata Motors Stock with target price of Rs 525 apiece. If investors buy Tata Motors stock at current market price of Rs 464.10 apiece, they can fetch potential return of 13%.

Goldman Sachs has upgraded Tata Motors target price to Rs 550 apiece from Rs 480 apiece amid its improving volume outlook at JLR. If investors buy Tata Motors shares at target price of Rs 550, they can get likely return of 19%.

Tata Motors Stock Performance & Return: Current market price of Tata Motors is Rs 464.10 apiece on BSE. Its 52-week high price is Rs 494.50 apiece and 52-week low price is Rs 366.05 apiece, respectively. The large cap Auto sector stock has a market capitalisation of Rs 1,54,143.59 crore. The stock gave return of 12% in last 2-weeks, 17% in last 6-months, 2% in last 1-year, and 45% return in last 2-years. It jumped 521% in last 3-years.

Disclaimer: The stock has been picked from the brokerage report of Motilal Oswal and Goldman Sachs. Greynium Information Technologies, the Author, and the respective Brokerage Houses are not liable for any losses caused as a result of decisions based on the article. Goodreturns.in advises users to check with certified experts before taking any investment decision.