Tata Motors’ share price jumped back in the green on Friday going up close to 1%.
What Happened: Shares of the Tata Group company are upbeat as brokerage firm Nomura maintained its “buy” rating for the stock with a price target of ₹786. The price indicated an around 25% upside from the stock’s last closing price of ₹624.75.
The brokerage firm in its note said that the company’s launch of the Nexon facelift on Thursday was a positive. The global brokerage added that the pricing was also attractive. The analysts added that its survey with dealerships revealed that the two models offer many features that would be a first in the segment.
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The firm also said that the stock is also attractive at its current valuation. The auto giant is also said to be preparing to establish a dedicated sales network for its electric passenger vehicles (EVs) by March end. “We need to separate outlets because there would not be enough space to keep both EVs, ICE models at the same place, we will not be able to do justice to both,” said Shailesh Chandra, Tata Motors passenger vehicle’s managing director to PTI.
Price Action: Tata Motor’s share price was up 0.91% to trade at ₹630.30 as the markets opened on Friday.
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