This share of Tata Group will cross Rs 840! Know why the brokerage firm increased the target by seven percent

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Tata Motors Share Price: Indian stock market is witnessing a stormy rise on the last trading day of the week. At 11.45 am, the Sensex was trading at 71,229.23, up 0.51 percent or 364.12 points. Meanwhile, shares of Tata Group’s Tata Motors rose by nearly three percent during trading to reach Rs 731. At the same time, at 11.50 am, the company was trading at Rs 727.70 with a rise of 2.66 percent i.e. Rs 18.85. In the month of December, the company’s shares have given a profit of about 6.83 percent to the investors. Considering the performance of the stock, brokerage firm Sharekhan has revised its target for it. The firm has increased the target price for Tata Motors to Rs 840. Earlier in November, the firm had increased the price to Rs 787. The new target price is about seven percent more than this. The company’s shares closed at Rs 708 on Thursday. Which was about 20 percent less than the target price.

Why did the brokerage firm increase the target?

Brokerage firm Sharekhan has said in its report on Tata Motors that the company has received permission from the Central Motor Vehicle Rules for hydrogen fuel cell-powered buses. Tata has already stabilized its electric vehicle segment in the market. In such a situation, the company is now going to focus its entire focus on hydrogen fuel technology. Also, JLR’s performance is expected to improve in the second half of FY24. Tata continues to present a strong growth in the commercial and passenger vehicle verticals. In the Indian stock market rally, the company’s shares have reached a 52-week maximum of Rs 734.75. Let us tell you that Tata Motors shares have had a great performance in 2023. The stock has earned about 11 percent in the last three months. Whereas about 27.75 percent has been earned in six months. This year the company’s shares have made a profit of about 84.40 percent. Last year, on this day, the company’s share was at Rs 394, which is trading around Rs 727 today.

Company did tie-up with HDFC

Earlier this month, Tata Motors partnered with HDFC Bank to provide digital finance solutions to its commercial vehicle customers. According to the statement issued by the company, both the companies have signed a Memorandum of Understanding (MOU) in this regard. Under this partnership, HDFC Bank will provide finance solutions for all types of commercial vehicles of Tata Motors. This solution will be available digitally, which will help customers get loans easily and quickly. Under the partnership, HDFC Bank will also provide support to Tata Motors dealers. Dealers can help customers apply for loans using HDFC Bank’s digital platform and speed up the processing process.

What is the condition of the stock market?

Amid the positive trend in the global market, there was a rise in the initial trading in the domestic markets on Friday. BSE’s 30-share index Sensex rose 180.55 points to reach 71,045.65 points. Nifty stood at 21,313.05 with a gain of 58 points. However, after the initial gains, both the indices became volatile for some time but later started trading strongly again. Among Sensex companies, shares of Tata Steel, Tata Motors, NTPC, JSW Steel, Sun Pharma and Bajaj Finance were among the gainers.

,Disclaimer: The advice to invest in stocks here is given by the brokerage house. These are not the views of Zee Business. Consult your advisor before investing.,

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