Shares Of Tata Motors Hit Record High; Stock Crosses Rs 700-Mark After 12 years
Tata Motors' stock has soared 77 per cent against benchmark Nifty’s 10 per cent gain on Wednesday intra-day trade
Shares of Tata Motors hit a a new record high of Rs 702.80 on Wednesday as the stock crossed the Rs 700-mark after 12 years, expecting a strong listing for its arm, Tata Technologies, the next day. As per analysts, Tata Technologies, which would be the first listing from Tata Group since TCS in 2004, could see a strong listing gain of over 75 per cent, considering the overwhelming subscription demand and investor-friendly pricing.
On Wednesday at 1.05 pm, shares of Tata Motors were trading half a per cent higher at Rs 701.25 on the National Stock Exchange (NSE). The stock has soared 77 per cent against benchmark Nifty’s 10 per cent gain during this time.
Tata Technologies shares were commanding handsome grey market premium (GMP) of Rs 389-399, suggesting a likely listing at Rs 889-899 over the issue price of Rs 500. The grey market is an unofficial platform where shares get traded well before the allotment in the IPO and till the listing day. Investors usually track the grey market to get an idea of the listing price.
Shares of Tata Motors were also in focus ahead of the November auto sales data. Nomura India estimates Tata Motors PV sales for the month to come in at 44,000, down 4 per cent year-on-year (YoY).
Tata Motors in November first week logged a consolidated net profit of Rs 3,783 crore for the September quarter, riding on robust performance by its British arm Jaguar Land Rover. This is the fourth successive quarter of positive results for the auto major. The Mumbai-based auto firm had posted a consolidated net loss of Rs 1,004 crore in the July-September period last fiscal.
Total consolidated revenue from operations stood at Rs 1,05,128 crore, as compared with Rs 79,611 crore in the year-ago period, Tata Motors said in a regulatory filing. On a standalone basis, the company reported a net profit of Rs 1,270 crore for the September quarter, it added.
Shares of Tata Motors closed at Rs 712.15 apiece, up 2.09 per cent on the BSE on Wednesday.
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