Tata Motors share price, share market news: With this phenomenal gain, Tata Motors became the fourth stock of the Tata conglomerate to deliver multi-bagger returns to the tune of 105 per cent this year.
Tata Motors share price, share market news: Shares of Tata Motors, after catapulting as much as 6.5 per cent in Friday’s deal (December 29), notched an all-time high of Rs 802.9 per share on the NSE. With this phenomenal gain, Tata Motors became the fourth stock of the Tata conglomerate to deliver multi-bagger returns to the tune of 105 per cent this year.
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The gains in the stock spurred after Reuters reported that the centre was mulling over the details of the new electric vehicle (EV) policy. Further, the policy would be framed in a way to promote EV manufacturing in the domestic market, according to the report.
India is looking to bring in potential investors from foreign countries, including Germany, Britain, and South Korea, under its new electric vehicle (EV) policy, an Indian government trade official told the agency on Thursday.
“Talks are underway, and we aim to bring all countries on board,” the official is cited as saying in the report. Furthermore, he added that the policy will also aim to benefit Indian carmakers. “It should be for everyone,” he remarked.
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Furthermore, reports suggest that Tata Motors, to take on its foreign rival Tesla, is strengthening its foray in the electric SUV segment and has lined up a series of SUVs across prices.
Tata Motors bags order from UPSRTC
The company has bagged an order from the Uttar Pradesh State Road Transport Corporation (UPSRTC) for supplying 1,350 units of the Tata LPO 1618 diesel bus chassis, chiefly designed for intercity and long-distance travel.
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FIIs increasing stake in the commercial vehicle major
Taking heed of the prospects of India’s auto industry, FIIs have been increasing their bet on the auto major, with their stake at 18.4 per cent as of September quarter 2023, in comparison to 14.13 per cent in the same period a year ago.
Tata Motors share price: What do charts suggest?
Jigar S. Patel, Sr. Manager, Equity Research, after phenomenal gains, is of the view that at the current juncture, Rs 800 would be stiff resistance since there are clusters of Fibonacci ratios near Rs 800 levels (refer to the chart). So, investors and traders are advised to book partial profits in the range of Rs 790–Rs 800 zones and wait for meaningful corrections until Rs 750 levels for re-entry.
The year 2023 has been a one-sided bull run for Tata Motors since it has given a 100 per cent return after hitting the low of Rs 399 approximately during December 2022, the expert added.
