Tata Motors records 2% rise in Sept sales, but stock drops 2%

Shares of Tata Motors dropped more than 1.5 percent in trade on October 3 as the company reported a modest 2 percent on-year increase in domestic sales at 82,023 units.

At 12:22 pm, the Tata Motors stock was trading 1.71 percent lower at Rs 619.95 on the NSE.

Tata Motors has announced total domestic sales of 82,023 units, increasing 2 percent over a year-ago period, while total commercial vehicle sales increased 12 percent on-year to 39,064 units from 34,890 units.

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Passenger vehicle sales in the domestic market, including electric vehicles, were down 6 percent at 44,809 units last month, as compared to 47,654 units in September 2022, Tata Motors said in a regulatory filing. Electric vehicle sales, including in international markets, were at 6,050 units as compared to 3,864 units in the year-ago month, a growth of 57 per cent.

Also Read: Tata Motors total sales in domestic market rise 2% to 80,633 units in September

Brokerage Views on Tata Motors

Brokerage firm KRChoksey has given a ‘buy’ rating to the Tata Group company’s stock with a target of Rs 743 per share in a recent research report, signifying a potential upside of more than 15 percent. Brokerage firm Motilal Oswal is also bullish on Tata Motors and has assigned a ‘buy’ rating to the stock with a target price of Rs 750 in a report released on July 26.

Stock Performance

Tata Motors stock has given a return of 48.73 percent over the last six months. The benchmark Nifty50 has given a return of 12.88 percent over the same duration.

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