Tata Motors share price crosses Rs 700 mark ahead of Tata Tech listing
Tata Motors share price: At close, shares of Tata Motors traded 2.09 per cent higher at Rs 712.15 apiece on the BSE. The market capitalisation of the company stood at Rs 2,36,618.84 crore.
Tata Motors share price: Tata Motors shares crossed the Rs 700 mark on the bourses for the first time on Wednesday, November 29, and hit a fresh 52-week high of Rs 714.4 apiece. The stock has been on investors' radar since Tata Technologies' initial public offering (IPO).
At close, shares of Tata Motors traded 2.09 per cent higher at Rs 712.15 apiece on the BSE. The market capitalisation of the company stood at Rs 2,36,618.84 crore.
Tata Motors, in its exchange filing on November 29, said the company had been informed by Tata Technologies on November 28, 2023, that it approved the transfer of 60,850,278 equity shares to various investors who successfully subscribed to the IPO.
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As a result of the above, the company's shareholding has been reduced from 64.70 per cent to 53.39 per cent of the issued and paid-up equity share capital of Tata Technologies Limited.
"Recent run-up of Tata Motors share price over Rs 700 is due to the expectation of strong listing of its subsidiary Tata Technologies," said Mumuksh Mandlesha, Research Analyst, Anand Rathi Institutional Equities.
Mandlesha expects Tata Motors' share to continue to do well led by upcycling autos and improving margins across divisions. Jaguar Land Rover (JLR) margins to improve led by quarter-on-quarter (QoQ) better mix of highly profitable Range Rover/Range Rover Sports/Defender models. CV margins to improve led by better net pricing.
Another reason for the rally in the stock was positive data released by the industry body, the Federation of Automobile Dealers Associations of India (FADA). According to this data, the automobile sector logged 19 per cent retail sales volume growth during the 42-day festive period.
Tata Motors on November 2 released its July to September quarter results, in which the Tata Group firm reported a net profit of Rs 3,764 crore for the period against a loss of Rs 944.61 crore seen in the September 2022 quarter.
The company's revenue rose 32 per cent to Rs 1.04 lakh crore in Q2 against Rs 78,846 crore logged in the corresponding period of the preceding fiscal.
Tata Motors share price: Past performance
Since January, Tata Motors shares have gained over 80 per cent against the Nifty 50's rise of over 9 per cent.
07:35 PM IST