Tata Motors‘ share price extended gains for the third straight session on Tuesday going up over 1.5% to hit an intraday high of ₹995.

What Happened: The surge today comes as CLSA maintained its “buy” rating for the stock with a price target of ₹1,133. The target implies around 15% from the stock’s last closing price of ₹979.80.

The global brokerage firm said that Jaguar Land Rover’s sales volumes during Jan-Feb shot up around 10% year-on-year. However, in Feb 2024, Jaguar Land Rover experienced a modest increase in retail volumes, up by 4.5% year-on-year.

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This growth was tempered by a significant 46% year-on-year decline in Chinese volumes, which notably fell by 5% year-on-year when considering combined volumes for January and February 2024. During the same period, discounts on Jaguar models saw an increase, while those for Land Rovers declined.

The analysts said that JLR’s net debt witnessed a decline of GBP 675 million. The company is expected to transition to a net cash position by fiscal year 2025. Looking ahead, JLR’s profitability is anticipated to remain robust. Additionally, Tata Motors is poised to enhance its market share in the domestic passenger vehicle segment, the brokerage firm added.

Price Action: Tata Motors' share price was up 1.19% to trade at ₹991.50 as the markets opened on Tuesday.

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