Synopsis
A combined market cap of Tata Motors (Rs 273,985 crore) and Tata Motors DVR (Rs 27,940 crore) touched Rs 3.02 trillion in intra-day trades on Tuesday.
Tata Motors’ market capitalisation (market cap) crossed Rs 3 trillion after the stock price of the company along with Tata Motors DVR hit a new high on the bourses.
A combined market cap of Tata Motors (Rs 273,985 crore) and Tata Motors DVR (Rs 27,940 crore) touched Rs 3.02 trillion in intra-day trade today. Shares of Tata Motors (Rs 825.15) and DVR (Rs 549.50) are up 1.5 per cent, hitting a new high. In comparison, the S&P BSE Sensex was down 0.13 per cent at 73,231 at 09:28 AM
JM Financial has upgraded the stock’s rating to Buy, setting a SOTP-based target price of Rs 350, indicating a potential upside of 24% from current levels.
In a note, JM Financial said that Tata Power’s recalibrated strategy involves tapping high-margin group captive RE (renewables) opportunities, exiting low-value businesses, venturing into brownfield pumped hydro storage, and expanding transmission business beyond distribution.
The company is expected to see accelerated growth, going ahead, the domestic brokerage opines.
The other companies from the Tata group stocks with a market cap above Rs 1 lakh crore are TCS, which occupies the top spot with a market cap of Rs 13.27 lakh crore, Titan (Rs 3.18 lakh crore), Tata Motors (2.40 lakh crore), Tata Steel (Rs 1.60 lakh crore) and Trent (Rs 1.01 lakh crore).
The stock has delivered over 36% returns in the past 12 months outperforming Nifty which has returned over 12% during the same period. Tata Motors shares also hit a fresh 52-week high of Rs 727.50 on Thursday.
This Article was originally published on Economic Times.
