After Tata Motors, Tata Power and Tata Chemicals shares hit fresh 52-week highs; what's driving action in these stocks?
Led by Tata Motors, which soared 20% to Rs new 52-week high of Rs 503.65, other Tata Group shares also clocked fresh 52-week highs on Wednesday's trade on BSE.
Led by Tata Motors, which soared 20% to Rs new 52-week high of Rs 503.65, other Tata Group shares also clocked fresh 52-week highs on Wednesday's trade on BSE.
Tata Power traded on a new 52 Week high of Rs 225.15, while Tata Chemicals also clocked fresh 52-week high of Rs 1144.50.
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At around 1.10 pm on Wednesday, Tata Power was trading at its fresh high of Rs 225.15, up Rs 29.35 or 14.99%. Similarly, Tata Chemicals shares were also trading at 1122.05, above Rs 151.70 or 15.63%.
Meanwhile, Tata Chemicals reported a spurt in volume by 3.20 per cent, while Tata Power saw volume going up by 1.68 times.
The action in the Tata Group shares comes on back of nearly $1 billion deal between Tata Motors and TPG in an attempt by Indian automotive manufacturer to give a fillip to EV and electric mobility.
Talking about the trigger, Zee Business Managing editor said beside other triggers, the deal between Tata Motors and TPG was one of the defining moments, and the auto share was bound to show such a swing.
"It will give Tata Motors enough cash in advance. TPG has made a valuation of 9 to 10 billion dollars, while Tata Motors' current valuation is around 19 to $20 billion. As per the valuations, Tata Motors is giving half valuation to electric segment, which shows their seriousness in this segment. This news will again help in re-rating of Tata Motors. We may see profit booking at upper level and short-term traders should be wary of the fact, but long-term investor should know that Tata Motors is heading towards Rs 550 to Rs 600," said Singhvi.
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