Tata Motors' share price was volatile on Wednesday morning, a day after the stock reached its all-time of ₹809.20.
What Happened: Global brokerage firm CLSA maintained its “buy” rating on the stock with a target price of ₹955. The target reflects an around 20% upside from the stock’s last closing price of ₹799.80.
In the December quarter, Jaguar Land Rover (JLR) witnessed significant volume growth, driven notably by robust performance in Europe, the UK, and China, the analysts said. JLR’s volumes surged by an impressive 27% year-on-year during this period.
As per the brokerage, the positive momentum was further bolstered by an improved product mix, contributing to an anticipated rise in EBIT (earnings before interest and taxes) margin. The global brokerage added that JLR aims to reduce its net debt to one billion euros by the end of March 2024 and transition to a net cash position by March 2025.
The upbeat remarks come just a day after several other brokerages maintained their positive views on the stock. Motilal Oswal and Morgan Stanley also see the stock surging past the ₹900 mark.
Price Action: Tata Motors' share price was down 0.50% to trade at ₹795.80 as the markets opened on Wednesday.
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