Why Tata Motors Shares Are Upbeat Today

Tata Motors’ share price continued to make gains for the third straight session on Wednesday

What Happened: Shares of the Tata Group company are upbeat today after the carmaker said it would raise prices for its commercial vehicles. The automobile giant on Monday evening said it will increase prices of its commercial vehicles by up to 3%.

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The price hike will be effective from October 1. “The price increase is to offset the residual impact of the
past input costs, and will be applicable across the entire range of commercial vehicles,” the company said in a statement.

The stock has been on an impressive run this year. Since the start of the year, the stock has gone up over 60%. Last week, brokerage firm Nomura, in its latest note on the stock, had maintained its “buy” rating for the stock with a price target of ₹624.75.

Price Action: Tata Motors’ share price was up 0.48% to trade at ₹643.75 as the markets opened on Wednesday.

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