Billionaire investor Rakesh Jhunjhunwala-backed Tata Group company – Tata Motors shares have a potential to grow up to 24 per cent mainly on the healthy business outlook, many global brokerages said.
Billionaire investor Rakesh Jhunjhunwala-backed Tata Group company – Tata Motors shares have a potential to grow up to 24 per cent mainly on the healthy business outlook, many global brokerages said in their note on the auto heavyweight’s stock movement.
JP Morgan in its comment said Tata Motors’ deleveraging journey is planning out well, while the company would achieve zero net debt by FY24. It has an Overweight stance with a target of Rs 525 per share, which translates into an upside of 23 per cent.
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The stock on Friday closed at 428 per share levels, flat with a negative bias on the BSE as compared to nearly a 2 per cent fall in the BSE Sensex. The counter has gained over 15 per cent in the last one month as against over 2.5 rise in the benchmark index.
Besides, other global brokerage firms such as Morgan Stanley also maintained an Overweight stance with a target price of Rs 530 per share, which translates to a 24 per cent upside and Nomura gave a Buy rating on Tata Motors with a target of Rs 471 per cent, implying 10 per cent upside in the stock.
Tata Motors is one of the favourite and most invested stocks of investor Rakesh Jhunjhunwala, who is called as the Big Bull of the Indian stock market. He holds 39,250,000 equity shares, which comes to a 1.2 per cent stake in auto major, as per the latest BSE shareholding pattern of the company.
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Rakesh Jhunjhunwala holds at least five Tata group stocks in his portfolio. Titan and Tata Motors are the most preferred stocks from the pack. The ace investor along with Associates publicly holds 33 stocks with a net worth of over Rs. 28,960.5 Cr, as per stock analysis website trendline.com.
Tata Motors is a leading automobile manufacturer in India that designs, manufactures, and sells commercial vehicles and passenger vehicles and acquired Jaguar Land Rover (JLR) in 2008.
