Tata Motors‘ share price jumped back in the green on Tuesday to start the fresh week.
What Happened: The Tata Group company on Sunday announced that it will increase prices across its entire passenger vehicle range, including electric vehicles (EVs), by an average of 0.7% effective February 1, 2024. This decision is made to partially offset the rise in input costs, as stated in a company statement. Tata Motors offers a range of passenger vehicles, including models like Punch, Nexon, and Harrier.
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Additionally, the auto giant plans to start the production of electric vehicles at the Sanand plant, which was acquired from Ford India, in April, a top company official told PTI. The company’s unit, Tata Passenger Electric Mobility Ltd, acquired the Sanand facility from Ford India for ₹725.7 crore last January. The plan is to commence electric vehicle production at Sanand starting with Nexon EV.
Market analysts remain optimistic about Tata Motors, as both Nomura and CLSA have maintained their “buy” ratings for the stock with price targets of ₹953 and ₹955, respectively. Several other analysts including Morgan Stanley and Motilal Oswal are also upbeat about the stock’s performance. The company is scheduled to release its December quarter results on Feb. 2.
Price Action: Tata Motors’ share price was up 1.04% to trade at ₹827.45 as the markets opened on Tuesday.
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