Tata Motors‘ share price continued to gain for the sixth straight session on Monday as the company posted its Q4 business updates last week.

What Happened: The company last Friday said that its global wholesales grew 8% year-over-year to 3,61,361 units in Q4FY23. The automobile giant in a press release informed that its passenger vehicles segment’s global wholesale number stood at 1,35,654, up 10% YoY. However, the commercial vehicles segment and Tata Daewoo range saw a slight slump in sales in Q4 FY23 at 1,18,321 units, lower by 3% YoY.

But, the number that has caught everyone’s attention is the growth in sales volume at Tata Group‘s Jaguar Land Rover. Global wholesales for Jaguar Land Rover were 1,07,386 units up 19% sequentially and 24% YoY. “Jaguar wholesales for the quarter were 15,499 vehicles, while Land Rover wholesales for the quarter were 91,887 vehicles,” the company added in the press release.

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The JLR updates have really impressed global analysts. Nomura maintained its ‘buy’ rating for the stock with a price target of ₹508. The analyst firm noted JLR improved sales numbers were aided by better chip supply and it expects the company’s EBITDA margin for Q4 to be at 13.8%. Global brokerage firm CLSA also maintained its ‘buy’ rating for the stock with a target price of ₹544 – around a 24% upside from the stock’s last closing price of ₹437.55. Goldman Sachs upgraded the stock’s rating to ‘buy’ to account for the improving growth outlook for JLR. The investment banking firm also upgraded the target price to ₹550.

However, JP Morgan maintained its ‘neutral’ rating for the stock with a price target of ₹438 as it noted that JLR’s order book is beginning to decline.

Price Action: Tata Motors’ share price was up 7.78% to trade at ₹471.60 shortly after the markets opened on Monday.

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