Tata Motors share price continues rallying, gains 84% so far this year; outperforms benchmarks

Tata Motors share price has soared 7.5% in the last one month. (Image: REUTERS)

Tata Motors share price has soared 7.5% in the last one month, extending its monstrous rally following the March 2020 sell-off. The stock had tanked 66% in March 2020, only to rally 425% since then as the bulls started asserting control on Dalal Street. On Tuesday Tata Motors shares were trading flat with a positive bias at Rs 343.85 apiece, up 84% so far this year, outperforming benchmark indices. Earlier this month on June 15, Tata Motors hit a fresh 52-week high of Rs 360.55 per share. Tata Motors has a market capitalization of Rs 1.13 lakh crore.

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Tata Motors Historical Price: Tata Motors Share price in the last 10 trading session

The share price of Tata Motors has slipped marginally over the last 10 trading sessions. On June 15, Tata Motors share price hit a fresh 52-week high resulting in some profit booking. However, the stock been gaining for consecutive trading sessions since last Thursday. On Tuesday, Tata Motors share price was up 0.22% at Rs 343.85 per share.

The fall in stock price only paves the way for an attractive entry opportunity into the stock. Domestic brokerage firm ICICI Direct advises investors to buy the stock in the range of Rs 348-358 per share, for a target price of Rs 405 per share. A stop loss of Rs 324 apiece has been recommended. “The stock recently registered a breakout above the last four month’s consolidation range (Rs 342- 279), thus opening upside towards Rs 405 levels as it is the measuring implication of the recent range breakout (342-279=63 points) added to the breakout area of Rs 342 signalling upside towards Rs 405,” ICICI Direct said. ICICI has given a three-month duration for this trade to play out.

Tata Motors History and Company profile

Tata Motors is the automobile unit of the Tata Group. The company manufactures passenger cars, trucks, coaches, buses, sports cars, construction equipment and military vehicles. Formerly known as Tata Engineering and Locomotive Company (TELCO), the company was founded in 1945. Tata Motors manufactured its first passenger vehicle in 1991. Tata Motors also owns South Korean truck manufacturer Daewoo and the British luxury vehicle manufacturer Jaguar Land Rover. 

Recently, Tata Motors have renewed their offerings in the passenger car segment with the launch of cars such as Tata Tiago, Tata Tigor, Tata Nixon, Tata Harrier, and Tata Altroz. Earlier this month, Tata Motors announced that Both the Jaguar and Land Rover brands would undergo transformation by electrification – six new all-electric Land Rover models would be introduced in the next five years and Jaguar would be completely reimagined as a purely electric brand from 2025.