Shares of Tata Motors surged by 2.63% late Thursday, hitting a new 52-week high of ₹604.95.

This bullish trend has been ongoing, with the stock consistently outperforming market expectations. Rekha Rakesh Jhunjhunwala, a prominent investor, holds a 1.57% stake in the company, amounting to 5.22 crore shares.

The bullishness around Tata Motors has been building for some time now. Despite a slight slump in total sales numbers for the quarter ended June, the company’s sales were higher than street estimates.

The company’s commercial vehicle sales for the quarter stood at 85,795 units, down 15% compared to the same period in 2022.

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However, the company’s passenger vehicle sales grew 8% to 1.40 lakh units from 1.30 lakh units. The automobile giant's EV division sold 19,346 vehicles this quarter, more than double the number it sold during the same period last year.

Furthermore, Tata Motors announced that they will increase the prices of their passenger vehicles, including electric vehicles (EVs), by an average of 0.6% across all models and variants starting from July 17. This price increase is attributed to the need to offset the lasting impact of previous input costs.

With the surge in Tata Motors’ stock price, the value of Jhunjhunwala’s stake increased significantly. On Wednesday, when the stock closed at ₹588.25, the value of her stake was around ₹3,073.8 crore. Today, with the rally, the value of her holding went up to ₹3,152.9 crore. An increase of around ₹79.1 crore.

Price Action: Tata Motors’ share price was up 2.63% to trade at ₹603.7 in the regular session on Thursday, with an intraday high of ₹604.95 and an intraday low of ₹588.55.

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