Tata Motors‘ share price was skyrocketing on Thursday morning, going up over 5% to hit a new all-time high of ₹1,081.70

What Happened: The massive surge today comes as Nomura upgraded the automobile maker to "buy" from "neutral", raising its target price to ₹1,294 from ₹1,141. The surge also pushed the Tata Group company’s market capitalisation close to the ₹4 lakh crore mark. At the time of writing, Tata Motors’ market cap stands at ₹3.97 lakh crore.

With this, Tata Motors is once again India’s biggest automobile company in terms of market cap taking over the title from Maruti Suzuki. Maruti Suzuki’s share price is in the red today and the market cap currently hovers around ₹3.92 lakh crore. The company had taken over Suzuki’s market cap for a brief period earlier this year.

Shares of the company have seen a strong rally in the past year. Just in the last 30 days, the stock has gone up over 13%.

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The auto giant is scheduled to report its earnings for the first quarter on August 1. Analysts have mixed views on Tata Motors’ upcoming results.

Motilal Oswal, in its preview note on the auto sector, anticipates that Tata Motors’ performance will lag behind its peers. The brokerage expects the company to report revenue of around ₹1.03 lakh crore and a profit after tax of around ₹4,000 crore. Motilal Oswal has a “neutral” rating on the stock with a target price of ₹960.

Conversely, Kotak Securities has a more optimistic outlook, projecting revenue of ₹1.18 lakh crore and a net profit of ₹6,018 crore for Tata Motors. Kotak Securities maintains an “add” rating on the stock with a target price of ₹1,100.

Price Action: Tata Motors’ share price was up 4.93% to trade at ₹1,079.80 in early trade on Thursday.

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