Rakesh Jhunjhunwala stocks: Tata Motors has simply skyrocketted-check massive gain
Share price of Tata Motors has soared nearly 65% in the last 1 month. This stock has been a new addition in the portfolio of Rakesh Jhunjhunwala. The Big Bull of the markets is known for buying quality stocks in his portfolio. Tata Motors was the new addition into Rakesh Jhunjhunwala’s portfolio during Covid period
Share price of Tata Motors has soared nearly 65% in the last 1 month. This stock has been a new addition in the portfolio of Rakesh Jhunjhunwala. The Big Bull of the markets is known for buying quality stocks in his portfolio. Tata Motors was the new addition into Rakesh Jhunjhunwala’s portfolio during Covid period. Tata Motors made a 52 week low of Rs 63.5 and has grown over 5x within a year. The closing price of Tata Motors yesterday was Rs 329 up 1.2% or Rs 4.
Many are of the view that Tesla is going to tie up with Tata Motors. However, nothing has emerged officially and PTI reports that the Indian company has denied it. Still, many believe that the partnership of Tata with Elon Musk will turn the fortunes for Tata Motors. Elon Musk has been the man behind Tesla and speculations about tie up with Tata Motors will be an entry on the US giant into India’s Electric Vehicle Business.
See Zee Business Live TV Streaming Below:
Tata Motors Consolidated Q3 FY21 Results witnessed strong all-round performance. Tata Motors Indian operations continued its strong growth in the quarter with CV witnessing a sequential recovery and PV witnessing continued strong growth. PV absolute EBITDA is the highest in the last 10 quarters. CV profitability improved sequentially due to better mix (higher MHCV & ILCVs) and ongoing cost savings. Business generated strong positive free cash flows led by the cash savings initiatives.
Thinking about JLR, the quarter reflected strong sequential recovery in retails in all the markets except the UK where Q3 remains seasonally lower. The business achieved 6.7% EBIT margin and strong positive free cash flows of £0.6 bn. Tata Motors remains committed to consistent, competitive, cash accretive growth and deleverage the business through our focused execution of our strategy in all our businesses.
Technical Analysis on Tata Motors:
On a monthly chart, the stock has been rising from the last couple of months with high volume, which indicates a trend reversal in the counter. On a daily chart, Tata Motors has shifted above the prior swing highs and above the upper Bollinger Band formation, which shows positive strength in the counter. A momentum indicator RSI (14) and MACD indicated positive crossover on the daily timeframe, which suggests bullish move for near term. So based on the above technical aspect, Sumeet is expecting a bullish movement in Tata Motors for near term. The target on Tata Motors is Rs 350.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.