In a remarkable feat, Tata Motors has emerged as the first Nifty company to witness its share price doubling in 2023. The shares of Tata Motors soared 4 percent to Rs 783 in afternoon trade, closing the last trading session on a high note.
The bullish surge is attributed to a robust outlook for Jaguar Land Rover (JLR), the ongoing shift towards electric vehicles (EVs), and the increasing demand for SUVs as disposable incomes rise.
At 3:05 pm, the scrip was trading at Rs 782, marking a 3.7 percent increase from the previous close on the NSE. Since the beginning of the year, Tata Motors, the leading EV player in India, has recorded an impressive gain of 102 percent.
Gaurav Bissa, Vice President at InCred Equities, noted, “Tata Motors witnessed an 8-year breakout on the monthly charts around 550-560 levels and has run up strongly since then. While the stock has the potential to go higher, short-term traders are advised to book profits. The long-term targets are seen around 900 levels.”
Recent reports indicate that Tata Motors is gearing up to launch a series of electric SUVs across various price segments in the next 12-18 months. This strategic move aims to tap into the growing demand for SUVs and compete with foreign rivals like Tesla, expected to enter the Indian market soon.
MT, citing sources, also revealed Tata’s plans to launch the Harrier EV by June 2024, priced at Rs 22 lakh, and the Curvv Coupe EV by December 2024, available for Rs 22 lakh.
