Tata Motors' total sales in January up 6% YoY; stock hits one-year high

Tata Motors Ltd on Thursday said its total sales in the domestic and international markets for January 2024 stood at 86,125 vehicles, up 6.24 per cent from 81,069 units during the same period last year.

The carmaker's domestic sale of MH&ICV in January 2024, including trucks and buses, came at 14,440 units, compared to 14,716 units in January 2023. Total sales for MH&ICV domestic and international business in January this year, including trucks and buses, stood at 14,972 units compared to 15,057 units in the year-ago period.

Tata Motors shares rose 2 per cent to hit their one-year high level of Rs 901.90. At this price, the multibagger counter has ascended by 125.25 per cent from its 52-week low of Rs 400.40, a level seen on March 28 last year.

The stock saw high trading volumes today as around 8.93 lakh shares were seen changing hands on BSE. The figure was higher than the two-week average volume of 7.24 lakh shares.

Turnover on the counter came at Rs 79.31 crore, commanding a market capitalisation (m-cap) of Rs 2,93,407.40 crore.

JPMorgan has upgraded Tata Motors to overweight from the earlier neutral stance with a revised target price of Rs 925 apiece. The brokerage said one of the primary reasons behind the upgrade was the better-than-expected margin and free-cash-flow (FCF) delivery at Jaguar Land Rover (JLR).

JLR reported a free cash flow of £300 million during the September quarter.

Also read | Stock recommendations by analyst for February 1, 2024: Exide, DCW and Trident

Also read | Top 5 stocks to watch on February 1: Paytm, Glenmark Pharma, Adani Enterprises and more