Tata Motors shares in focus as company fixes record date for final dividend
Tata Motors shares were trading flat at Rs 563.80 against the close of Rs 562.20 in the previous session. Tata Motors stock opened higher at Rs 566.20 and is trading 1.63% away from the 52 week high of Rs 576.5 hit on June 8.
- Jun 12, 2023,
- Updated Jun 12, 2023 1:58 PM IST
Shares of Tata Motors Ltd are in focus today after the auto major fixed Saturday, July 29, 2023 as the record date for the purpose of determining the entitlement of members to receive final dividend for the financial year ended March 31, 2023.
The stock has been gaining for the last two sessions. In today’s trade, the Tata Motors stock was trading flat at Rs 563.80 against the close of Rs 562.20 in the previous session. Tata Motors stock opened higher at Rs 566.20 and is trading 1.63% away from the 52 week high of Rs 576.5 hit on June 8.
Market cap of the firm stood at Rs 1.87 lakh crore. Total 0.92 lakh shares changed hands amounting to a turnover of Rs 5.21 crore on BSE. Tata Motors stock has gained 31.59% in a year and risen 45.18 per cent in 2023. Tata Motors stock hit a 52-week low of Rs 375.50 on December 26, 2022.
In terms of technicals, the relative strength index (RSI) of Tata Motors stood at 72.1, signaling it's trading in the overbought zone. Tata Motors stock has a one-year beta of 1.2, indicating high volatility during the period. Tata Motors shares are trading higher than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages.
On June 10, Tata Motors said, “Pursuant to Regulation 42 of the Listing Regulations, the Register of Members and Share Transfer Books of the Company will be closed from Saturday, July 29, 2023, to Tuesday, August 8, 2023 (both days inclusive) and the Company has fixed Saturday, July 29, 2023 as the Record Date for the purpose of determining the entitlement of Members to receive final dividend for the financial year ended March 31, 2023. The payment of such dividend, if approved by the Members at the AGM, shall be distributed amongst the Shareholders, on or from August 14, 2023 onwards and will be made subject to deduction of tax at source.”
Tata Motors has announced a final dividend of Rs 2 per ordinary share and Rs 2.10 per ‘A’ ordinary share of face value of Rs 2 each to its shareholders for the financial year ended March 31, 2023. "The dividend, if declared at the AGM, shall be paid to the eligible shareholders from August 14, 2023 onwards," the company's filing said.
Brokerage Sharekhan has a target price of Rs 633 on the auto stock. After attending Tata Motors analyst day, the brokerage said, “The management has shared an optimistic outlook for both its PV and CV business in the domestic market. Going forward, Tata Motors is targeting double digit EBITDA margin for CV as well as for PV business. The EV business continues to gain traction and the management is expecting it to be EBITDA positive in the near to medium term. We maintain a Buy with a revised target of Rs. 633 in expectation of continued improvement in JLR, PV and CV business along with a reduction in net automotive debt from current levels.”
ICICI Direct has maintained its Buy call on the stock tracking profitability at the helm in domestic CV & PV business (including EVs), JLR's progressive volume recovery on the anvil, reiterated commitment towards EVs & healthy FCF generation.
On the target price and valuation, the brokerage said, "Retaining our financial estimates & marginally tweaking our valuations, we now value Tata Motors at Rs 725 on SOTP basis (10x, 2x FY25E EV/EBITDA on India, JLR; Rs 126 value to Indian EV business; earlier TP Rs 650)."
Also read: What Basant Maheshwari says on IEX shares, business model
Also read: Go Fashion stock in focus Sequoia Capital may sell shares via block deal today
Shares of Tata Motors Ltd are in focus today after the auto major fixed Saturday, July 29, 2023 as the record date for the purpose of determining the entitlement of members to receive final dividend for the financial year ended March 31, 2023.
The stock has been gaining for the last two sessions. In today’s trade, the Tata Motors stock was trading flat at Rs 563.80 against the close of Rs 562.20 in the previous session. Tata Motors stock opened higher at Rs 566.20 and is trading 1.63% away from the 52 week high of Rs 576.5 hit on June 8.
Market cap of the firm stood at Rs 1.87 lakh crore. Total 0.92 lakh shares changed hands amounting to a turnover of Rs 5.21 crore on BSE. Tata Motors stock has gained 31.59% in a year and risen 45.18 per cent in 2023. Tata Motors stock hit a 52-week low of Rs 375.50 on December 26, 2022.
In terms of technicals, the relative strength index (RSI) of Tata Motors stood at 72.1, signaling it's trading in the overbought zone. Tata Motors stock has a one-year beta of 1.2, indicating high volatility during the period. Tata Motors shares are trading higher than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages.
On June 10, Tata Motors said, “Pursuant to Regulation 42 of the Listing Regulations, the Register of Members and Share Transfer Books of the Company will be closed from Saturday, July 29, 2023, to Tuesday, August 8, 2023 (both days inclusive) and the Company has fixed Saturday, July 29, 2023 as the Record Date for the purpose of determining the entitlement of Members to receive final dividend for the financial year ended March 31, 2023. The payment of such dividend, if approved by the Members at the AGM, shall be distributed amongst the Shareholders, on or from August 14, 2023 onwards and will be made subject to deduction of tax at source.”
Tata Motors has announced a final dividend of Rs 2 per ordinary share and Rs 2.10 per ‘A’ ordinary share of face value of Rs 2 each to its shareholders for the financial year ended March 31, 2023. "The dividend, if declared at the AGM, shall be paid to the eligible shareholders from August 14, 2023 onwards," the company's filing said.
Brokerage Sharekhan has a target price of Rs 633 on the auto stock. After attending Tata Motors analyst day, the brokerage said, “The management has shared an optimistic outlook for both its PV and CV business in the domestic market. Going forward, Tata Motors is targeting double digit EBITDA margin for CV as well as for PV business. The EV business continues to gain traction and the management is expecting it to be EBITDA positive in the near to medium term. We maintain a Buy with a revised target of Rs. 633 in expectation of continued improvement in JLR, PV and CV business along with a reduction in net automotive debt from current levels.”
ICICI Direct has maintained its Buy call on the stock tracking profitability at the helm in domestic CV & PV business (including EVs), JLR's progressive volume recovery on the anvil, reiterated commitment towards EVs & healthy FCF generation.
On the target price and valuation, the brokerage said, "Retaining our financial estimates & marginally tweaking our valuations, we now value Tata Motors at Rs 725 on SOTP basis (10x, 2x FY25E EV/EBITDA on India, JLR; Rs 126 value to Indian EV business; earlier TP Rs 650)."
Also read: What Basant Maheshwari says on IEX shares, business model
Also read: Go Fashion stock in focus Sequoia Capital may sell shares via block deal today