Driving out in style: Tata Motors becomes first Nifty stock to double in 2023

The bullish momentum comes on the back of a robust JLR outlook, a gradual shift to electric vehicles, and demand for SUVs as disposable incomes increase.

Shares of Tata Motors surged 4 percent to Rs 783 in afternoon trade, becoming the first Nifty company to see its share price double in 2023, closing out the last trading session on a high.

The bullish momentum comes on the back of a robust JLR outlook, a gradual shift to electric vehicles, and demand for SUVs as disposable incomes increase.

At 3:05 pm, the scrip was trading at Rs  782, up 3.7 percent from the previous close on the NSE. Since the start of the year, India's leading EV player has gained 102 percent.

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"Tata Motors witnessed an 8-year breakout on the monthly charts around 550-560 levels and has run up strongly since then. It has shown strong outperformance against its 4-wheeler peers. While the stock has the potential to go higher, short-term traders are advised to book profits. The long-term targets are seen around 900 levels where a cluster count target on point and figure charts is placed", Gaurav Bissa, Vice President, InCred Equities said.

Recently, Moneycontrol reported that the Nexon-maker is gearing up for a series of electric SUVs (sport-utility vehicles) across many price segments in the coming quarters, to tap the common SUV theme as they prepare to take on competition from foreign competitors, like Tesla, which is expected to hit Indian roads soon.

Moneycontrol, citing sources, also stated that Tata’s Harrier EV will be launched by June 2024 and will be priced at Rs 22 lakh, and its Curvv Coupe EV will be available by December 2024 and will be sold for Rs 22 lakh.

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