This Rakesh Jhunjhunwala stock is on a roll! Do you own it?
The stock ended 3.61 per cent higher at Rs 405.95 against the previous close of Rs 391.80.
- Mar 9, 2022,
- Updated Mar 9, 2022 4:43 PM IST
Shares of Tata Motors Limited, a part of Big Bull Rakesh Jhunjhunwala's portfolio, rose 4 per cent to hit an intraday high of Rs 409.10 on the BSE.
On Monday, the company said that it had bagged a contract for supplying 65 electric vehicles (EVs) to Kerala State Electricity Board (KSEB). The supply of 65 EVs includes 60 Tigor EVs and 5 Nexon EVs. "This order is part of a competitive pan India tender, floated by KSEB in line with the state's vision 'Go Green/Carbon Neutral' by 2030," the Tata Group company said in a release.
The stock ended 3.61 per cent higher at Rs 405.95 against the previous close of Rs 391.80. Market cap of the firm rose to Rs 1,34,802.27 crore.
Tata Motors claims to have 85 per cent market share and over 15,000 Tata EVs on road in the country. "In an effort to make EVs even more accessible to all, Tata Motors is closely working with other Tata Group companies including Tata Power, Tata Chemicals, Tata Auto Components, Tata Motors Finance and Croma, to contribute to the faster adoption of EVs in India through its EV ecosystem called the "Tata uniEVerse"," the company said. Recently, Tata Motors said its total domestic sales increased by 27 per cent year-on-year to 73,875 units in February 2022. The company had dispatched 58,366 units in February 2021.
The auto major said its passenger vehicle sales in the domestic market last month rose by 47 per cent to 39,981 units compared to 27,225 units in the same month last year.
Commercial vehicle sales in the domestic market increased 9 per cent to 33,894 units from 31,141 units in the year-ago period, it added.
As per the shareholding pattern, Jhunjhunwala owns 1.11 per cent stake in the company as of December 2021.
"We believe, Tata Motors, the market leader in domestic CVs, would benefit from upcycle pushing margin up. In domestic PVs, the company reached a decadal-high market share and is also leading in electrification,” ICICI Securities said in its recent report.
“We maintain BUY on Tata Motors with revised target price of Rs 703, implying 2.5x/12x JLR/standalone FY24E EV/EBITDA," it added.
Shares of Tata Motors Limited, a part of Big Bull Rakesh Jhunjhunwala's portfolio, rose 4 per cent to hit an intraday high of Rs 409.10 on the BSE.
On Monday, the company said that it had bagged a contract for supplying 65 electric vehicles (EVs) to Kerala State Electricity Board (KSEB). The supply of 65 EVs includes 60 Tigor EVs and 5 Nexon EVs. "This order is part of a competitive pan India tender, floated by KSEB in line with the state's vision 'Go Green/Carbon Neutral' by 2030," the Tata Group company said in a release.
The stock ended 3.61 per cent higher at Rs 405.95 against the previous close of Rs 391.80. Market cap of the firm rose to Rs 1,34,802.27 crore.
Tata Motors claims to have 85 per cent market share and over 15,000 Tata EVs on road in the country. "In an effort to make EVs even more accessible to all, Tata Motors is closely working with other Tata Group companies including Tata Power, Tata Chemicals, Tata Auto Components, Tata Motors Finance and Croma, to contribute to the faster adoption of EVs in India through its EV ecosystem called the "Tata uniEVerse"," the company said. Recently, Tata Motors said its total domestic sales increased by 27 per cent year-on-year to 73,875 units in February 2022. The company had dispatched 58,366 units in February 2021.
The auto major said its passenger vehicle sales in the domestic market last month rose by 47 per cent to 39,981 units compared to 27,225 units in the same month last year.
Commercial vehicle sales in the domestic market increased 9 per cent to 33,894 units from 31,141 units in the year-ago period, it added.
As per the shareholding pattern, Jhunjhunwala owns 1.11 per cent stake in the company as of December 2021.
"We believe, Tata Motors, the market leader in domestic CVs, would benefit from upcycle pushing margin up. In domestic PVs, the company reached a decadal-high market share and is also leading in electrification,” ICICI Securities said in its recent report.
“We maintain BUY on Tata Motors with revised target price of Rs 703, implying 2.5x/12x JLR/standalone FY24E EV/EBITDA," it added.