A rally in auto sector shares also helped Tata Motors move ahead. The Nifty Auto stock rose 1.69 percent to 18,719.50 during the day. According to the report, India is planning to convert 8 lakh diesel buses to electric ones in the next 7 years to reduce emissions.

Investors have got bumper returns in shares of Tata Motors, a Tata Group company. Shares of Tata Motors have seen an increase of almost 100 percent this year. Shares of Tata Motors rose 7 percent to hit an all-time high on Friday. The company’s stock touched a 52-week high of Rs 802.60. Its price in January 2023 was Rs 390. Tata Motors shares have returned 103 percent in one year.

Tata Motors’ shares remain medium-to-long-term buy trend despite a turbulent rally on the stock. According to the brokerage, Tata Motors shares are likely to rise further. Out of 35 analysts covering the company, 28 have given a ‘buy’ rating on the stock, with three recommending a ‘hold’.

Know what is target price

Sharekhan is positive about this stock. Sher Khan has given a target of Rs 840 on this stock and advised to buy the stock. According to market experts, its JLR (Jaguar Land Rover) segment will perform well in the remainder of the financial year, with debt reduction in passenger vehicles and improved EBITDA margins.

Will perform better in Q4FY24

Strong sales during the festive season supported its retail volumes in the PV segment, the brokerage firm said. They expect the domestic CV and PV business to perform better in Q4FY24 as compared to Q3FY24. According to the brokerage, Tata Motors’ long-term growth outlook is good, as the company has established itself in EVs.

Know the reasons for the rise in stocks

A rally in auto sector shares also helped Tata Motors move ahead. The Nifty Auto stock rose 1.69 percent to 18,719.50 during the day. According to a report by the Economic Times, India is planning to replace 8 lakh diesel buses with electric ones over the next 7 years to reduce emissions. Due to this, the investment in electric vehicles is also likely to increase. Tata Motors is one of the leading electric vehicle manufacturers in the country.

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