Shares of Tata Motors slumped another 3% on Monday to continue its two-session losing streak on the bourses.
What Happened: Global analyst firm JP Morgan on Monday maintained its neutral rating for the stock with a price target of ₹415. Talking about the company’s luxury vehicle subsidiary Jaguar Land Rover the firm said that the company needs to ramp up quarter volumes above one lakh remains key and it should look to generate GBP 1 Billion around ₹9,914 crore free cash flow to resume the deleveraging journey. The stock has slumped around 7% this month.
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However, domestic brokerages remain highly positive on the stock. Motilal Oswal and KRChoksey both see a double-figure upside in the stock. KRChoksey maintained its ‘buy’ rating for the stock after the company posted its Q3 results with a price target of ₹572. Motilal Oswal also maintained the ‘buy’ rating with a price target of ₹540.
The company’s January 2023 domestic sales volumes saw a 10% year-over-year increase at 79,681 vehicles, compared to 72,485 units during January 2022. The company also signed a partnership deal with Uber to provide EVs to the ride-sharing giant.
Price Action: Tata Motors shares were down 2.85% to trade at ₹415.50 in mid-market hours on Monday.
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