Tata Motors shares rise to fresh record high on CLSA’s ‘buy’ rating; stock up 72% YTD

Tata Motors stock has rallied around 72 percent so far in 2023, outperforming benchmark Nifty 50 which has risen over 8 percent during this time.

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Shares of Tata Motors rose to hit a fresh all-time high of Rs 687.35 on November 22 as international brokerage CLSA has put ‘buy’ rating on the stock with a target price of Rs 841 per share. The positive outlook is supported by Jaguar Land Rover’s (JLR) encouraging performance, with a notable 14.1 percent on-year improvement in retail volumes recorded in October 2023.

The specific geographic segments have shown substantial growth for JLR, with volumes in the UK and EU surging by 65 percent and 29 percent, respectively, compared to the previous year.

At 9:35 am, Tata Motors shares were trading marginally higher at Rs 683.80 on the National Stock Exchange.

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Although JLR’s volumes for the fiscal third quarter are tracking slightly lower than the second quarter, they remain at healthy levels. While Tata Motors’ discounts have risen, they are not significant in Land Rover, according to CLSA.

Moreover, there is a positive financial trajectory for JLR, as its net debt has decreased by £300 million, indicating a potential shift to a net cash position by FY25, the brokerage said.

In the previous session, Tata Motors shares closed nearly 1 percent higher at Rs 681.00 on the National Stock Exchange. So far in 2023, the stock has rallied around 72 percent, outperforming benchmark Nifty 50 which has risen over 8 percent during this time.

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Earlier this month, BNP Paribas also put a ‘buy’ call on Tata Motors with a target price of Rs 770 per share. According to the financial services company, while JLR’s order book is normalising, variable marketing expenses (VME) remain much below historical levels, suggesting that the demand environment is still healthy.

Tata Motors is confident of gaining market share in the second half of FY24 due to the recent new launches in both passenger vehicles (PVs) and electric vehicles (EVs) segment, and a refocus on commercial vehicles (CV). “We see solid margin execution driving consensus earnings estimate upgrades. Maintain BUY,” it said in a report.

Tata Motors shares will also be in focus on account of its subsidiary Tata Technologies IPO launching on November 22. This is Tata Group’s first public issue in nearly two decades. The Tata Tech IPO is entirely an offer for sale (OFS) of 6.08 crore shares, under which Tata Motors, Alpha TC Holdings and Tata Capital Growth Fund will offload their stakes.

Disclaimer The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.