MUMBAI - Tata Motors (BO:TAMO) (NYSE:TTM) Limited (BSE:TATAMOTORS) has seen its stock value appreciate as investor interest grows, highlighted by a recent upsurge in share price and a bullish outlook from brokerage firm CLSA. On today, the company's shares edged higher to ₹682.20 on the Bombay Stock Exchange (BSE), following a notable performance earlier in the week.
The automotive giant's stock had previously reached an annual peak on Friday when it hit ₹687.55. This surge comes amid significant developments for the broader Tata conglomerate, as the eagerly awaited initial public offering (IPO) for Tata Tech was fully subscribed on today, marking a momentous occasion for the group—it's their first such event since the Tata Consultancy Services (NS:TCS) IPO in 2004.
In response to the positive momentum, CLSA has revised its price target for Tata Motors, increasing it to ₹841 from an earlier target of ₹803 while maintaining a 'Buy' rating. This adjustment reflects the strong investor interest and confidence in the company's growth trajectory.
The stock's performance today closed at ₹674.05, slightly up by 1.02% from its opening price of ₹678.65, after fluctuating between a high of ₹683.3 and a low of ₹674.75 during the trading session. The closing figure was also accompanied by an advancement in after-hours trading to ₹680.95 per share. Trading volume for the day was recorded at 296,198 shares, with the company's market capitalization standing at ₹260,878 crore (INR100 crore = approx. USD12 million).
This financial activity occurs within Tata Motors' yearly fluctuation range, which has seen extremes of ₹687 and ₹375, indicating a robust recovery and investor optimism in the automotive sector and Tata Motors' market positioning.
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