Tata Motors Shares Continue To Hit New 52-Week Highs: What's Going On?

Share price of Tata Motors has been having a great run at the bourses. On Wednesday, Tata Motors’ share price continued to make gains for the third consecutive session and hit a new 52-week high of ₹512.90.

What Happened: The automobile giant has garnered positive sentiment since the start of the year as the company turned a profit for the first time in two years. The company reported a consolidated net profit of ₹2,957.7 crore in the December quarter. Since the start of the year, Tata Motor’s share price has gone up over 28%.

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The company will 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 time the company would be paying a dividend since 2016. Investors seem hopeful for a dividend seeing as the company turned a profit in the previous quarter.

The Tata Group company registered a 3.4% year-over-year increase in sales in the March quarter at 2,51,822 units. It also announced last week that its EV Tata Tiago crossed the 10,000 delivery mark.

Price Action: Tata Motors’ share price was up 0.57% to trade at ₹506.50 in the early hours of trading on Wednesday.

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