Shares of Tata Motors are headed towards record high reached in July 2024 end. The multibagger stock which has risen 85% from its 52 week low hit the Rs 1103 mark today. It hit a record high of Rs 1179.05 on July 30 this year and fell to its 52 week low of Rs 593.50 on August 25, 2023.
In the current session, Tata Motors stock gained 0.82% to Rs 1,093.85 against the previous close of Rs 1084.90 on BSE. The multibagger auto stock has climbed 81% in a year and risen 286% in three years.
On BSE, around 2.52 lakh shares changed hands amounting to a turnover of Rs 27.62 crore today. Market cap of the firm rose to Rs 3.63 lakh crore.
Tata Motors stock has a one-year beta of 0.9, indicating very low volatility during the period.
In terms of technicals, the relative strength index (RSI) of Tata Motors stood at 55.2, signaling it's trading neither in the overbought nor in the oversold zone.
Tata Motors shares are trading higher than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages.
International brokerage Nomura has a buy call on Tata Motors with a price target of Rs 1303. The brokerage said the company launched its Curvv.Ev On August 7 2024 which it believes will break all key barriers For EV Adoption. The new launch will brings price parity between EV & ICE. It significantly reduces range anxiety, offers real-world range Of 350-400 Km
Another brokerage Jefferies has buy call with a target price of Rs 1,330. The company's new mid-sized SUV Coupe Curvv fills a key gap in its portfolio, said the firm adding that the vehicle appears well-styled & feature-rich. The EV comes at an attractive price and the ICE launch is on September 2.
The new Flexible ATLAS Platform also offers potential to launch more ices across 3.9-4.6 M Length. Tata has already made a big comeback In personal vehicles in the last four years.The brokerage believes Curvv has the potential to further lift its market share.