Following an upgrade from Japanese brokerage company Nomura, shares of Tata Motors, a major global automaker, jumped 6% to reach a new all-time high of ₹1,084.90 per share in today’s session.
Nomura has raised its target price for the company from ₹1,141 to ₹1,294 and changed its rating from “Neutral” to “Buy.” The potential gain from the stock’s previous closing price of 26% is reflected in this new target.
The brokerage said that Jaguar Land Rover (JLR) is anticipated to remain competitive in the face of increasing competition due to Tata Motors’ plan to shift the brand from premium to luxury categories. It stated that JLR’s incentives for Land Rover have remained well-controlled, in contrast to trends seen with other OEMs.
As of 12:55 pm, Tata Motors shares were trading 4.94 % higher at Rs 1,078.50.
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