Tata Motors Stock Jumps 4% To Record On Eve Of Car Price Hike
The company will increase prices of its entire passenger vehicle range, including the electric vehicles, by an average of 0.7% in a bid is to partially offset the rise in the input cost.
Shares of Tata Motors Ltd. jumped over 4% on Wednesday to an all-time high for the second consecutive day ahead of implementing a hike in prices of passenger vehicles.
The company will increase prices of its entire passenger vehicle range, including the electric vehicles, from Feb. 1 by an average of 0.7% in a bid is to partially offset the rise in the input cost.
Tata Motors' stock rose as much as 4.38% during the day to Rs 896.50 apiece on the NSE. It was trading 2.38% higher at Rs 879.30 apiece compared to a 0.63% advance in the benchmark Nifty 50 at 11:11 a.m.
The share price has risen 94.49% in the last 12 months. The total traded volume so far in the day stood at 3.1 times its 30-day average. The relative strength index was at 78, indicating it was overbought.
Twenty-eight out of the 34 analysts tracking Tata Motors have a 'buy' rating on the stock, two recommend 'hold' and four suggest 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 96.1%.
