Tata Motors’ share price continued to make gains for the second straight session on Wednesday morning going up close to 1%.
What Happened: The surge today comes as CLSA maintained its “buy” rating for the stock with a target price of ₹841. The target indicates a 23% upside from the stock’s last closing price of ₹681.70.
The global brokerage firm said that Jaguar Land Rover posted a 14.1% year-on-year growth in retail volumes in October. It further added that UK and EU volumes were up 65% and 29% respectively. The brokerage also pointed out that JLR’s net debt contracted by £300 million, and the auto major looks set to turn net cash positive by March 2025.
See Also: Listing Gains After IPO? Here’s What Tata Technologies’ GMP Looks Like
Shares of the Tata Group company have also been gaining strength as Tata Technologies IPO opens today. The first IPO from the group in nearly two decades comprises completely of an offer for sale. Tata Motors is offloading 4.6 crore shares of the company.
Price Action: Tata Motors’ share price was trading 0.70% higher at ₹686.50 as the markets opened for trade on Wednesday.
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