Tata Motors rose 1.7% to Rs 523.40 at 11:44 IST on BSE after a foreign brokerage reportedly raised target price on the stock to Rs 650 from Rs 585 earlier on likely significant improvement in both JLR and India businesses.
Meanwhile, the S&P BSE Sensex was up 34.20 points or 0.13% at 27,272.26On the BSE, 1.98 lakh shares were traded on the counter so far as against the average daily volumes of 5.29 lakh shares in the past one quarter. The stock had hit a high of Rs 524.50 and a low of Rs 517.20 so far during the day.
The stock had hit a 52-week high of Rs 598.60 on 7 September 2016 and a 52-week low of Rs 266 on 11 February 2016. The stock had outperformed the market over the past 30 days till 13 January 2017, rising 11.05% compared with the 2.71% rise in the Sensex. The scrip, however, underperformed the market in past one quarter, sliding 7.35% as against Sensex's 1.57% decline.
The large-cap company has equity capital of Rs 577.44 crore. Face value per share is Rs 2.
Jaguar Land Rover's (JLR) new model Discovery in second half of current financial year and mid sized Range Rover in the year ending 31 March 2018 (FY 2018) are key products in pipeline, the brokerage reportedly said. Even benefits of significant pound depreciation will flow through into JLR's margin, it added. Sterling pound has depreciated 17% since January 2016.
On 10 January 2017, Tata Motors had announced that Tata Motors Group's global wholesales rose 4% to 95,081 units in December 2016 over December 2015.
On 9 January 2017, Tata Motors' subsidiary Jaguar Land Rover (JLR) reported 12% rise in total retail sales to 55,375 units in December 2016 over December 2015.
Tata Motors reported consolidated net profit of Rs 848.16 crore in Q2 September 2016, compared with net loss of Rs 1740.20 crore in Q2 September 2015. Net sales rose 6.7% to Rs 65140.75 crore in Q2 September 2016 over Q2 September 2015.
Tata Motors is a market leader in commercial vehicles in India. The company's British luxury unit Jaguar Land Rover (JLR) sells premium luxury cars.
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