Tata Motors has now become the most valuable automobile company, left Maruti Suzuki behind in the race in terms of market capitalization after 7 years. The market capitalization of market leader Tata Motors has increased to above Rs 3.15 lakh crore. Only Rs 3.13 lakh crore is left.
Shares of Tata Motors made an all-time high on Tuesday (January 30), due to which the company has achieved this position. During trading, Tata Motors shares touched the level of Rs 885.95 with a growth of more than 5%. However, at the end of the day, the company’s shares closed at Rs 864.90 with a growth of 2.84%. Whereas Maruti Suzuki shares fell 0.41% today and closed at Rs 9,950.
Tata Motors shares are on a new high due to this reason
This growth in the company’s shares is being seen before the third quarter (Q3FY24) results of Tata Motors are announced on February 2. This growth in the company’s stock has come due to Jaguar Land Rover (JLR)’s record sales in Q3 and its decision to increase the prices of its passenger vehicles.
Company’s shares gave 90% return in 1 year
Tata Motors stock has increased by more than 10% in the last month. In the last 6 months, the company’s shares have provided returns of about 35% to its investors and more than 90% in a year.
The Price of passenger vehicles increased by 0.7%
Last week, Tata Motors announced that it will increase the prices of its passenger vehicles by 0.7% from February 1, 2024. The company’s electric vehicles segment will also be included in this price hike plan.
JLR sold 1.01 lakh wholesale units in Quarter 3
Apart from this, Jaguar Land Rover division of Tata Motors sold 1.01 lakh wholesale units in the third quarter (Q3FY24), which is a growth of 27% year-on-year. This is also the highest wholesale sales figure in the last 11 quarters.
Brokerage firms Morgan Stanley and Motilal Oswal had given positive ratings to the stock citing strong sales. In which the share of Range Rover, Range Rover Sport and Defender in wholesale sales was approx. 62%.