Tata Motors hits 52-week high as JLR has best wholesales in 11 quarters

Morgan Stanley has an ‘overweight’ call on the counter, with a target price of Rs 890 a share, an upside of 10 percent from the current level

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Tata Motors hit a 52-week high of Rs 809 on January 9 after Jaguar Land Rover (JLR) delivered the highest wholesale figures in 11 quarters in the October-December period.

The stock gained 2.5 percent after JLR, the company’s luxury car division, sold 27 percent more vehicles in the December quarter of FY24 from the year-ago period.

“JLR could be the next big re-rating driver for Tata Motors if performance is steady,” analysts at Morgan Stanley said.

They shared an “overweight” rating on the counter, with a target price of Rs 890 a share, implying an upside of 10 percent from the current level.

In the past month, the stock has surged over 12 percent against a 4 percent rise in the Nifty auto index.

JLR posted wholesale volumes of 1.01 lakh units, up 27 percent YoY, which was broadly in-line with estimates, Morgan Stanley analysts said.

The Q3 mix remained strong with Range Rover, Ranger Rover Sport and Defender accounting for 62 percent of the wholesale. The company did not comment on free cash flow (FCF) but believes that JLR’s FCF momentum will continue, the brokerage said.

ALSO READ: Tata Group initiates talks for public listing of Tata Autocomp Systems

JLR wholesales for FY24, so far, stand at 2.9 lakh vehicles, up 28 percent from the year-ago period.

The order book continues to reflect strong demand for JLR products, with 1.48 lakh client orders at the end of the third quarter.

Retail volumes were higher in all regions year-on-year. The UK was up 55 percent, overseas 49 percent, China 28 percent, Europe 27 percent and North America was up 6 percent.

Analysts at Motilal Oswal shared a “buy” rating on the counter with a target price of Rs 900 a share.

“The growth in JLR is likely to be supported by gradual recovery in global PV demand, a strong order book, and a favourable product mix,” they said.

While JLR will continue to see a healthy
recovery, growth will moderate in Tata Motors’ passenger and commercial vehicle businesses in the coming years due to normal base and slowdown in the lower-end PV and LCVs, they said.

At 12.45 pm, the stock was trading at Rs 804.35 on the National Stock Exchange, up 1.93 percent from the previous close.

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