Tata Motors jumped 4% to Rs 358.60 at 10:51 IST on BSE after a foreign brokerage upgraded the stock to 'buy' from 'neutral'.
Meanwhile, the BSE Sensex was down 19.59 points, or 0.10%, to 19,882.48.
On BSE, 7.20 lakh shares were traded in the counter compared with average volume of 9.38 lakh shares in the past one quarter.
The stock hit a high of Rs 364.70 so far during the day, which is also a record high for the counter. The stock hit a low of Rs 344.10 so far during the day. The stock hit a 52-week low of Rs 245.35 on 30 October 2012.
The stock had outperformed the market over the past one month till 3 October 2013, rising 16% compared with the Sensex's 9.14% rise. The scrip had also outperformed the market in past one quarter, rising 21.28% as against Sensex's 3.78% rise.
The large-cap company has an equity capital of Rs 643.72 crore. Face value per share is Rs 2.
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A foreign brokerage upgraded the stock to 'buy' from 'neutral' and raised its target price to Rs 400 from Rs 275, citing an improving global economy.
The brokerage report said that China and the US, which account for 45% of Jaguar Land Rover's (JLR) volumes, have been particularly robust. For JLR, this has echoed in falling incentives, volume momentum and robust margins.
Tata Motors' consolidated net profit fell 23.1% to Rs 1726.07 crore on 8.3% growth in net sales to Rs 46751.26 crore in Q1 June 2013 over Q1 June 2012.
Tata Motors is India's largest automobile company, with consolidated revenues of Rs 1,88,818 crore ($34.7 billion) in 2012-13. Through subsidiaries and associate companies, Tata Motors has operations in the UK, South Korea, Thailand, Spain, South Africa and Indonesia. Among them is Jaguar Land Rover, the business comprising the two iconic British brands. It also has an industrial joint venture with Fiat in India. With over 7.5 million Tata vehicles plying in India, Tata Motors is the country's market leader in commercial vehicles and among the top in passenger vehicles. It is also the world's fourth largest truck and bus manufacturer. Tata cars, buses and trucks are being marketed in several countries in Europe, Africa, the Middle East, South Asia, South East Asia, South America, CIS and Russia.
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