Tata Motors hits all time high: What's happening to the stock and why
Tata Motors stock price hit ₹885.95 on January 30, 2024. The company will announce its Q3 results on February 2.
Tata Motors shares surged 5 per cent to an all-time high ahead of its Q3 results announcement. The company’s stock gained significantly on the back of record sales in its Jaguar Land Rover (JLR) volumes in Q3 and its decision to hike prices for its passenger vehicles. In just the past month, the stock has rallied over 10 percent while the company's market capitalisation also surpassed that of Maruti Suzuki at ₹3.159 lakh crore.
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Tata Motors stock price hit ₹885.95 on January 30, 2024. The company will announce its Q3 results on February 2.
Why has there been a surge in the stock?
Multiple factors have triggered the recent rally in the stock as Tata Motors announced it would hike the prices of its passenger vehicles by 0.7 percent from February 1, 2024. This price hike will also apply to electric vehicles as well. In the third quarter, Jaguar Land Rover division of Tata Motors sold 1.01 lakh wholesale units which is a 27 percent YoY increase- marking the highest wholesale figure in the last 11 quarters.
Brokerages like Morgan Stanley and Motilal Oswal also gave positive ratings to the stock citing the strong sales mix, it was reported.
