Shares of Tata Motors surged 5 percent to an all-time high ahead of its Q3FY24 results announcement. The company’s stock has 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. The stock has rallied over 10 percent in the last 1 month.
The company's market capitalisation also surpassed that of Maruti Suzuki at Rs 3.159 lakh crore.
Tata Motors stock price hit Rs 885.95 in the bourses on January 30, 2024.The company is set to announce its Q3 results on February 2.
Multiple factors have triggered the recent rally in the stock. In the previous week, Tata Motors had announced it would hike the prices of its passenger vehicles by 0.7 percent from February 1, 2024. This price hike will include its electric vehicles as well.
Additionally, Jaguar Land Rover division of Tata Motors sold 1.01 lakh wholesale units in the third quarter which is a 27 percent YoY increase. It is also the highest wholesale figure in the last 11 quarters.
Brokerages like Morgan Stanley and Motilal Oswal had given positive ratings to the stock citing the strong sales mix with Range Rover, Ranger Rover Sport and Defender accounting for 62 percent of the wholesale.
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