Tata Motors shares hit a new 52-week high of Rs 585.95 apiece on BSE on Wednesday, June 21.
Tata Motors shares have witnessed a remarkable surge since the outbreak of the pandemic. The stock, which was trading at Rs 63.60 per share on March 24, 2020, has now reached an impressive level of Rs 585. The shares of the carmaker have surged over 44% so far this year while in the last three months the stock has gained 33%.
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Recently, Tata Motors shares hit a new 52-week high of Rs 585.95 apiece on BSE on Wednesday, June 21. At its current peak level the stock has surged over 800% from the pandemic period. The stock has surged 435% in the last three years.
Tata Motors, a leading player in the commercial and passenger vehicle industry, has excelled in the Nifty 50 index this year.
The Tata Group company has accomplished a significant milestone by crossing the Rs 1 lakh crore mark in market cap, making it the second private company to achieve this remarkable feat. Reliance Industries had previously achieved this distinction.
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As per the reports, Tata Motors has garnered positive recommendations from the majority of analysts, with 28 out of 36 suggesting buying the stock. Notably, brokerage firms like Nomura, Jefferies, ICICI Direct, and Goldman Sachs have increased their target prices for Tata Motors.
Nomura increased its target from Rs 508 per share to Rs 610 per share. Meanwhile, Jefferies raised the target price from Rs 665 to Rs 700 per share. Similarly, ICICI Direct assigned a buy rating with a target price of Rs 700 per share. Goldman Sachs revised the target price from Rs 550 to Rs 600 per share. These upward revisions signal a bullish sentiment for the company’s stock.
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Furthermore, Business Today reported that Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, believes that the stock has recently experienced a breakout, surpassing the Rs 580 zone with significant trading volume. Parekh suggests that there is potential for further growth, with a possible target of Rs 610 in the near term. She also highlights strong support around the Rs 558 level for the stock.
