Multibagger Tata Group stock hits upper circuit in afternoon trade, here's why 

Shares of Tata Elxsi Ltd. rose 10% on Wednesday after brokerage firm JPMorgan upgraded the Tata Group stock. Tata Elxsi hit an upper circuit of 10% to Rs 5877.45 on Wednesday. Market cap of the firm rose to Rs 36,613 crore. Later, the stock closed 9.47% higher at Rs 5,851. Total 0.70 lakh shares of the firm changed hands amounting to a turnover of Rs 40.09 crore. The multibagger stock has gained 189% in five years and risen 455% in ten years. 

JPMorgan raised the rating to "neutral" on Tata Elxsi from the previous "underweight" stance. The multibagger stock also got a price target raise to Rs 4,800 from the earlier Rs 4,000 apiece. 

However, the revised price target implies a potential downside of 17% from current levels.

JPMorgan has also upgraded its revenue estimates for financial year 2026-2028 by 1% - 4% and margins by 10 to 100 basis points, leading a 1%-8% earnings per share (EPS) upgrades.

Tata Elxsi is a subsidiary of Tata Sons, holding company of the Tata Group. It provides design and technology services across industries including automotive, broadcast, communications, healthcare, and transportation. The company aims to help customers reimagine their products and services through design thinking and the application of digital technologies such as IoT (Internet of Things), cloud, mobility, virtual reality and artificial intelligence.