Tata Motors share price was down over a percent in the morning session on March 22 after Goldman Sachs retained its sell call on the stock.
The global research firm has maintained its sell call on the stock but has raised the target to Rs 241 from Rs 175 per share. The research firm believes that its 70 percent share price rise this year has overshot fundamentals, according to a CNBC-TV18 report.
The target suggests 20 percent downside to current market price against 10 percent upside for Indian auto companies' coverage as a whole, Goldman Sachs said.
"Consolidated EBITDA estimates are little changed, but FY23 EPS move up 26 percent on lower debt," it added.
The stock was trading at Rs 305.20, down Rs 3.75, or 1.21 percent at 09:34 hours. It has touched an intraday high of Rs 308.90 and an intraday low of Rs 3,03.10.
Luxury car maker Jaguar Land Rover sold 2,171 vehicles in the United Kingdom in February 2021 against 2,929 vehicles sold in same month last year, registering a 26 percent decline, reported CNBC-TV18. Jaguar brand sales fell 60.6 percent year-on-year to 334 vehicles and Land Rover sales dropped 11.7 percent to 1,837 vehicles compared to the corresponding month.
Its total commercial vehicle sales grew by 21 percent year-on-year to 33,966 units and passenger vehicles sales jumped 119 percent YoY to 27,225 units in February 2021.
"February 2021 sales have been the highest ever sales for Tata Motors passenger vehicles in nearly 9 years (107 months)," said Tata Motors in its BSE filing.
Tata Motors also said its shareholders have approved hiving off its passenger vehicles business into a separate entity. On March 5, the shareholders of the company voted to consider and approve the transfer of the passenger vehicles business unit to TML Business Analytics Services Ltd as a going concern on a slump sale basis for a lump sum consideration.
In a regulatory filing, Tata Motors said total 2,15,41,38,392 votes were polled, out of which 2,15,32,39,294 were in favour of the resolution, translating into 99.958 percent of the total votes, while 8,99,098 votes (0.042 percent) were against.
Shabbir Kayyumi, Head of Technical & Derivative Research at Narnolia Financial Advisors advises buying Tata Motors around Rs 300 with target of Rs 360. The scrip spurted from a low of Rs 290 and formed a Hammer reversal candlestick pattern on the daily chart, indicating stability in the upcoming sessions. The emerging line of polarity on the daily time frame of the chart suggests bullish momentum in the scrip.
Indicators and oscillators are also showing a conducive scenario for the coming sessions. One can go long in the scrip around Rs 300 for the target of Rs 350 and Rs 380 levels with a stop loss of Rs 270, he added.
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