Tata Motors shares take a breather after 7.5% rally, trade flat

Tata Motors shares have pared the 7.5% gain seen in the previous five sessions. On March 5, the stock hit a 52-week high of Rs 1,065.60 after the company announced the decision to split its passenger and commercial vehicle businesses.

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Shares of Tata Motors Ltd pared the gains after rallying 7.5 percent in the previous five sessions.

On March 5, the stock hit a 52-week high of Rs 1,065.60 after the company announced the decision to split its passenger and commercial vehicle businesses.

The Tata Motors shares have gained over 67 percent in the past six months. At 9:20am on March 6, the stock was trading 0.3 percent lower at Rs 1,019.

“The demerger is a logical progression of the subsidiarisation of PV and EV businesses done earlier in 2022 and shall further empower the respective businesses to pursue their respective strategies to deliver higher growths with greater agility while reinforcing accountability,” the carmaker said.

Over recent years, the company’s commercial vehicle, passenger vehicle that include electric vehicle too, luxury vehicle Jaguar Land Rover (JLR) businesses have implemented distinct growth strategies and, began functioning independently under their respective CEOs since 2021, according to Tata Motors.

The auto major’s decision to demerge its businesses into two listed entities was cheered by both brokerages and investors.

Nuvama retained its ‘hold’ rating on the stock as the brokerage expects moderation in the volume performance of the Jaguar Land Rover and India CV businesses in FY24-26. “Going forward, FY24-26 JLR and India CV volume growth should taper to low single digits,” the brokerage said.

Also Read | Tata Motors demerger: Commercial, passenger vehicle biz to become separate listed entities

Brokerage JP Morgan assigned an ‘overweight’ tag on the stock and set a price target of Rs 1,000, implying an upside of 1.2 percent from Rs 988, the closing price of the stock on March 3.

Morgan Stanley had assigned a target price of Rs 1,013 to Tata Motors. The brokerage firm is of the view that the decision reflects the company’s confidence in the PV segment being self-sustaining and could lead to better value creation for the company.