Tata Motors Shares Surge Nearly 7% To Lifetime High
The stock rose as much as 6.5% during the day to Rs 802.90 apiece on the NSE.
![<div class="paragraphs"><p>Source: Tata Motors Official Website</p></div>](https://media.assettype.com/bloombergquint%2F2023-12%2F73a359fe-8713-46e6-95b4-88a44ff5424e%2Fbv_pic.png?auto=format%2Ccompress&w=200)
Shares of Tata Motors Ltd. jumped nearly 7% and hit an all-time high on Friday.
Gains on auto]sector stocks also helped Tata Motors' upward trajectory. The Nifty Auto stock rose as much as 1.69% during the day to 18,719.50.
India is planning to replace 8 lakh diesel buses with electric vehicles in the next seven years in a bid to reduce emissions, according to a report by the Economic Times.
The move is also likely to ramp up investment in electric vehicles. Tata Motors is one of the major electric vehicle manufacturers in the country.
![Tata Motors Shares Surge Nearly 7% To Lifetime High](https://media.assettype.com/bloombergquint%2F2023-12%2F7271c83c-31ff-4541-bab3-40fecfb61878%2FTATAMOTORS.png?auto=format%2Ccompress)
Tata Motors' stock rose as much as 6.5% during the day to Rs 802.90 apiece on the NSE. It was trading 5.77% higher at Rs 797.40 per share compared to a 0.22% decline in the benchmark Nifty 50.
The share price has risen 105.44% year-to-date, making it the only Nifty 50 stock to deliver two-times returns in this period. The total traded volume so far in the day stood at 5.6 times its 30-day average. The relative strength index was at 78, implying that the stock may be overbought.
Twenty-eight out of the 35 analysts tracking the company have a 'buy' rating on the stock, three recommend 'hold' and four suggest 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 6.6%.