In the early morning trading on Monday, April 10, the share price of Tata Motors increased by about 8% at one point after the firm announced strong group worldwide wholesales, including those of its premium division, Jaguar Land Rover (JLR), for the months of January to March.
The company’s worldwide wholesale volume, which includes the Jaguar Land Rover (JLR) statistics, increased 8% to 3,61,361 units for the three months that ended on March 31, 2023.
The total worldwide sales of all Tata Motors commercial vehicles and the Tata Daewoo line during this time period came to 118,321 units, an increase of 3% over the previous equivalent period.
According to the business, JLR sold 107,386 automobiles globally between January and March. They comprised 91,887 Land Rover vehicles and 15,499 Jaguar vehicles.
After the release of this business update by Tata Motors, the stock price of the firm responded favourably to the information. At one time during intraday trading, the stock increased to a seven-month intraday high of Rs 473.30.
Tata Motors’ stock price was seen on the National Stock Exchange trading at Rs 471 at 9:59 this morning, up 7.62%.
The share price of Tata Motors was up 5.90% at Rs. 463.45 a share at the time this report was filed. The stock’s returns over the last year have increased by roughly 2.50%, and its year-to-date (YTD) performance has increased by approximately 17.36%.
The stock has been upgraded to ‘Buy’ by foreign brokerage company Goldman Sachs, with a target price of Rs 544, after the carmaker’s positive business report. The firm claimed that the rationale for this boost was the company’s luxury division JLR’s better outlook. In addition, Nomura, a major provider of financial services, has Tata Motors rated as a “buy” with a target price of Rs 508. The brokerage firm attributes its optimistic view for the massive automaker to rising JLR volumes along with better semiconductor supply.