Shares of Tata Motors in a weak intraday trading market on March 22, 2021 traded down about 2% at Rs. 302.9 per share on the NSE at 2:25 p.m. In comparison, the index Nifty 50 was down 0.42% or 61 points. The stock rose to a daily high of Rs. 307.5 and a daily low of Rs. 300.1.
On an annual basis to date, the stock has gained 66 percent from an opening price of Rs. 184.95 per share on January 1 to Rs. 306.45 on March 22. And now that the counter has risen sharply this year, investors are seen recording profits.
The company’s passenger vehicle sales were up 119% year-on-year to 27,225 units and commercial vehicle sales jumped 21% year-on-year to 33,966 units in the past month.
In its BSE file, the automotive major said: “February 2021 sales were the highest ever sales for Tata Motors passenger vehicles in nearly 9 years (107 months).” This despite the economic slowdown induced by Covid 19.
At the same time, global research firm Goldman Sachs maintained its “ sell ” call on Tata Motors’ certificate, but raised the target price from Rs. 175 per share to Rs. 241. According to a report by CNBC TV 18, the research firm believes that the 70% rise in the counter’s share price has exceeded fundamentals.
In addition, the firm said the target implied a 20% drop from current price levels, compared to a 10% increase for coverage of Indian auto companies as a whole.
On March 5, shareholders of Tata Motors voted to consider and approve the transfer of the company’s passenger vehicle business entity to TML Business Analytics Services Ltd as an operating business on the basis of a sale in decrease for a lump sum compensation.
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