Tata Motors hits over 3-year high
Published On: Wednesday, June 9, 2021 | By: Team KnowMyStock
Shares of Tata Motors hit an over three-year high of Rs 358.25, up 1.5 percent, on the BSE in intra-day trade on Wednesday on the back of heavy volumes. Tata Motors' share has rallied 13 percent in the past six days. It surpassed its previous high of Rs 357 touched on March 3, 2021, and was trading at its highest level since April 2018. Tata Motors on Tuesday informed stock exchanges that a new wholly-owned subsidiary named ‘TML CV Mobility Solutions Limited’ has been incorporated by the company. TML CV Mobility Solutions was incorporated to provide end to end services of operating, repair, and maintenance including annual maintenance contracts (AMC) and Fleet Management Services (FMS) for the automotive including electric mobility/electric vehicles, electric buses, fuel cell buses, all types of commercial vehicles etc, the company said.
Tata Motors post its earnings said that it expects near-term challenges in both the businesses due to semi-conductor shortages and the ongoing second wave of the COVID-19 pandemic in India.
Most of the brokerage houses have a ‘buy’ rating on Tata Motors as they see the triple benefit of macro recovery, company-specific volume/margin drivers, and sharp improvement in free cash flow (FCF) and leverage in both JLR as well as the India business.
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