Market cap of Tata Motors surpassed Rs 1 lakh crore mark after the auto share rose over 6% intra day in today's session. Tata Motors stock climbed up to 6.07% to Rs 341.85, a fresh 52-week high, against previous close of Rs 322.30 on BSE. Market cap of the firm rose to Rs 1.04 lakh crore.
Tata Motors stock has gained 28.43% in the last 3 days.The stock opened with a gain of 5.31% at Rs 339.40. Tata Motors share trades higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.
In one year, the share has gained 106.29% and risen 84% since the beginning of this year. In a month, the stock has climbed 81.28%.
In a week, the share has clocked 26.4% gain.
The share rose in the last few sessions after the auto firm reported a 25.27 per cent rise in total sales for January. Total sales rose to 59,959 units last month against a total of 47,862 units in the same month last year. Domestic sales rose 28 per cent to 57,742 units against 45,242 units in January last year.
FM Nirmala Sitharaman announced a voluntary vehicle scrappage policy to phase out old vehicles in her third budget speech on Feb 1. The phasing out of old vehicles will be a good move for the auto industry since it will lead to more demand for new vehicles particularly e-vehicles.
Tata Motors' overall share of electric vehicles in its 2020 sales stood at 43.3%. The firm has said that EVs' contribution is 'poised for further growth in 2021 and beyond.' The introduction of new vehicles on road will result in lesser pollution and a reduced oil import bill due to use of new technology in the units. The policy will be implemented from April 1, 2022.