Tata Motors‘ share price jumped back in the green on Thursday morning recovering from Wednesday’s over 1.5% fall.
What Happened: Shares of the auto giant are upbeat today as Nomura maintained its “buy” rating for the stock with a price target of ₹953. The target indicates an upside of 18% from the stock’s last closing price of ₹805.55.
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Nomura’s note comes as the company launched its new Tata Punch.ev which is the first car based on Tata’s Acti.ev platform. This platform is heralded as the second generation of electric car technology from Tata Motors. The analysts said that the new platform and the new Punch launch are good strides towards better electric vehicles.
The brokerage added that the auto behemoth plans to launch five more products in 18 months. The analysts expect the company EV volumes to grow 50% year-on-year to 1.08 lakh in FY25. In December, the company sold 5,006 units up 29% from the 3,868 units sold in December 2022.
Price Action: Tata Motors’ share price was up 1.17% to trade at ₹815 as the markets opened on Thursday.
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