Tata Motors hits fresh record high on hopes of solid Q3 earnings

Shares of Tata Motors have been scaling greater highs through January on the back of the robust prospects for its JLR and electric vehicle segments.

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Shares of automaker Tata Motors extended their winning run to the fifth straight session. The stock surged over 10 percent during the tenure to scale a fresh record high of Rs 896.50 on January 31.

The company’s record sales in its luxury Jaguar Land Rover (JLR) segment in Q3 and plans to hike prices for its passenger vehicles have sparked hopes of a solid Q3 performance from the automaker. The company is slated to release its Q3 earnings on February 2.

At 10.00 am, shares of Tata Motors were trading 3.4 percent higher at Rs 888.40 on the NSE.

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The solid gains in the counter in the past week also expanded its market capitalisation to Rs 295,534 crore to surpass that of rival Maruti Suzuki to become the most valuable automobile company in India. The stock was also the only Nifty 50 participant to have doubled in value in 2023.

A robust outlook for the company’s Jaguar Land Rover segment is seen as the biggest growth driver for Tata Motors. The JLR segment clocked in sales of 1.01 lakh wholesale units in Q3, up 27 percent on year and the highest in 11 quarters. The strong quarterly performance of JLR is also expected to boost Tata Motor’s Q3 earnings and profitability.

Meanwhile, the company also announced plans to raise prices of its passenger vehicles, including electric vehicles by 0.7 percent from February 1, a move that is expected to boost its margins.

Moreover, the company’s management also remains optimistic about the trend ahead for commercial vehicles as demand is likely to improve in Q4 FY24 across most segments of the CV industry due to the government’s continuing thrust on infrastructure development, the promising growth outlook of the economy along with the company’s demand-pull initiatives.

The company’s sales of commercial vehicles rose just 1 percent on-year to 34,180 units in December, lagging the 8 percent jump in sales of passenger vehicles.

Also Read | Punch EV will not cannibalise our other electric car sales but will be category creator: Tata Motors MD

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