Tata Motors rose 2.36% to Rs 515.80 at 14:48 IST on BSE, with the stock extending recent upmove triggered by foreign brokerages upgrading the stock post the company's strong Q1 earnings and robust July sales from its British luxury car unit JLR.
Meanwhile, the S&P BSE Sensex was up 51.79 points or 0.2% at 26,442.75.
On BSE, so far 6.91 lakh shares were traded in the counter as against average daily volume of 4.55 lakh shares in the past one quarter.
The stock hit a high of Rs 516.90 so far during the day, which is a record high for the counter. The stock hit a low of Rs 505.40 so far during the day. The stock had hit a 52-week low of Rs 278.65 on 21 August 2013.
The stock had outperformed the market over the past one month till 18 August 2014, advancing 6.04% compared with Sensex's 2.92%. The scrip had also outperformed the market in past one quarter, surging 12.03% as against Sensex's 9.41% rise.
The large-cap company has equity capital of Rs 643.72 crore. Face value per share is Rs 2.
Last week, most brokerage firms revised their earning estimates as well as target prices for Tata Motors after the auto giant reported a 212.7% jumped in its consolidated net profit to Rs 5398.21 crore on 37.2% growth in net sales to Rs 64150.74 crore in Q1 June 2014 over Q1 June 2013.
Also, last week, Tata Motors reported a 5.98% growth in its global wholesales at 80,151 units in July 2014 over June 2014. Global wholesales declined 8.46% at 80,151 units in July 2014 over July 2013.
Global wholesales of Tata Motors' British luxury car unit Jaguar Land Rover (JLR) rose 12.24% at 39,467 units in July 2014 over July 2013.
A foreign brokerage firm has maintained its 'Overweight' rating on the Tata Motors stock. The brokerage expects improvement in JLR to offset concerns on standalone operations.
Shares of Tata Motors have rallied 9.12% in three trading sessions from a recent low of Rs 472.65 on 13 August 2014.
Tata Motors is India's largest automobile company, with consolidated revenues of Rs 232834 crore ($38.9 billion) in 2013-14. It is the leader in commercial vehicles in each segment, and among the top in passenger vehicles with winning products in the compact, midsize car and utility vehicle segments. It is also the world's fifth largest truck manufacturer and fourth largest bus manufacturer.
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