Tata Motors’ share price continued its bull run on the bourses in early trade on Tuesday.

What Happened: The stock that has been on an impressive rally since the start of the year. Shares of the Tata Group company have gone up over 40% since the start of the year.

The surge today comes as the company announced that $111.94 million worth of external commercial borrowing (ECB) bonds were validly tendered. “The company shall accept for purchase all ECB Bonds validly tendered pursuant to the Offer,” the automobile giant said in a regulatory filing.

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The company had earlier this month announced the buyback of ECBs worth $250 million, that were issued by the company in 2014. The company also announced the record date for the final dividend payment. The record date is July 29, 2023.

The company also disclosed that it plans to invest a substantial amount of 3 billion pounds annually in Jaguar Land Rover. This significant investment is expected to propel the company towards its ambitious revenue target of over 30 billion pounds by the fiscal year 2026.

Global brokerage firm CLSA, in its latest research note, maintained the ‘buy’ rating for the stock with a price target of ₹624 – a 10% upside from the stock’s last closing price of ₹564.15.

Price Action: Tata Motors’ share price was up 0.27% to trade at ₹565.70 as the markets opened on Tuesday.

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