Tata Motors share price today climbed to its new 52-week high of ₹368.40 apiece and became second most Nifty-50 gainer today in early morning trade session. The Tata group stock, which is a Rakesh Jhunjhunwala portfolio stock too, opened today with an upside gap of 5.05 per share and went on climb its 52-week new high logging around 9 per cent rise from its yesterday’s close at NSE. However, stock market experts are still bullish on the counter and expecting further upside in this auto stock.
According to stock market experts, Tata Motors is showing a turnaround story on the backdrop of the E-vehicle segment. It is one of the quality stocks that has remained sideways in the recent Bull Run at Indian markets. They said that both technical and fundamentals are supporting rally in this auto counter and one should buy this stock for the target of ₹450 apiece — around 25 per cent higher from its current price of near ₹365 apiece.
Speaking on Tata Motors share price rally; Santosh Meena, Head of Research, Swastika Investmart said, “Tata Motors is showing a turnaround story on the backdrop of the E-vehicle segment. It was one of the most undervalued stocks in the auto sector and it still has attractive valuations. It is gaining market share in the PV segment whereas JLR business is likely to show a strong recovery.”
Advising investors to buy Tata Motors shares; Sumeet Bagadia, Executive Director at Choice Broking said, “One can buy Tata Motors shares at current market price and hold for the short-term target of ₹380 to ₹400 maintaining stop loss at ₹340 apiece.”
Advising investorws to take position call in this Rakesh Jhunjhunwala stock, Santosh Meena of Swastika Investmart said, “Technically, Tata Motors share price is in strong bullish momentum where it is witnessing a breakout of bullish flag formation to resume its uptrend. On the upside, it has the potential to head towards the ₹430 to ₹450 zone.”
Rakesh Jhunjhunwala shareholding in Tata Motors
As per the shareholding pattern of Tata Motors for Q2FY22, Big Bull owns 1.14 per cent stake in Tata Motors.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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