Tata Motors‘ share price shot up over 4.5% on Monday to hit a new 52-week high of ₹500 ahead of the Q4 earnings results scheduled to be out later this week.
What Happened: The company’s board is set to meet on May 12, to release the company’s financial records for the quarter ended March and also consider declaring a final dividend. If approved, this would be the first the company would be paying a dividend since 2016.
The Tata Group company reported healthy sales for the quarter. As per the company all four SUVs – Nexon, Punch, Harrier, and Safari, recorded their highest-ever annual sales, contributing a substantial 66% of the total volume.
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The automobile giant last week also announced that its EV Tata Tiago crossed the 10,000 delivery mark. The company in a statement revealed that it was the fastest EV to achieve the milestone in less than four months. As per the statement, the car had received around 10,000 bookings in just 24 hours of its becoming available.
Brokerages have mostly remained positive on the stock. Ventura has a ‘buy’ rating for the stock with a price target of ₹715. Motilal Oswal also has a ‘buy’ rating for the stock with a price target of ₹525. Macquarie has an ‘outperform' rating on the stock with a target price of ₹511. Morgan Stanley has an ‘overweight' rating on the stock with a target price of ₹513.
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Price Action: Tata Motors’ share price was up 4.35% to trade at ₹497.85 in the late hours of trading on Monday.
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