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Tata Motors share price gains 2% after Jefferies raises target to Rs 625, maintains 'buy'

The share price added over 250 percent in the last 1 year.

October 21, 2021 / 11:07 AM IST
 
 
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Tata Motors share price rose over 2 percent in the early trade on October 21 after foreign research house Jefferies raised target price to Rs 625 from Rs 565, maintaining buy call.

Tata Motors' new sub-compact SUV Punch holds strong volume potential as it appears well styled for its price & has received high safety ratings, said Jefferies.

We also like JLR’s focus returning to higher-margin land rover brand, it added.

Recently, the stock remained in focus after company launched Tata Punch and on announcement of private equity firm TPG Group would be investing in its new wholly-owned electric vehicle subsidiary.

Tata Punch, which goes on sale on October 18, was tested in the most basic safety specification, fitted with two airbags, ABS brakes and ISOFIX anchorages.

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On October 12, company announced that private equity firm TPG Group would be investing Rs 7,500 crore in its new wholly-owned electric vehicle subsidiary.

The investment would be made in tranches, over a period of 18 months from the date of completion of the first tranche.

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The Tata Motors Group global wholesales in Q2FY22, including Jaguar Land Rover, were at 2,51,689, 24 percent higher from Q2FY21.

Global wholesales of all Tata Motors’ commercial vehicles and Tata Daewoo range in Q2FY22 were at 89,055, higher by 57 percent and passenger vehicles were at 1,62,634, up 11 percent from Q2FY21.

At 09:22 hrs Tata Motors was quoting at Rs 495.40, up Rs 8.35, or 1.71 percent on the BSE.

The share touched a 52-week high of Rs 532.40 and a 52-week low of Rs 126.40 on 14 October, 2021 and 20 October, 2020, respectively.

Currently, it is trading 6.95 percent below its 52-week high and 291.93 percent above its 52-week low.

The share price added over 250 percent in the last 1 year.
Moneycontrol News
first published: Oct 21, 2021 11:05 am

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