Tata Motors has now become the most valuable auto company, leaving Maruti Suzuki behind. Tata Motors has left Maruti Suzuki behind in terms of market capitalization after 7 years. The market capitalization of Tata Motors has increased to beyond Rs 3.15 lakh crore. Only Rs 3.13 lakh crore is left.
Shares of Tata Motors made an all-time high today i.e. Tuesday (January 30), due to which the company has achieved this position. During trading, Tata shares touched the level of Rs 885.95 with a rise of more than 5%. However, at market close, the company's shares closed at Rs 864.90 with a rise of 2.84%. Whereas Maruti Suzuki shares fell 0.41% today and closed at Rs 9,950.
This rise in the company's shares is being seen before the third quarter (Q3FY24) results of Tata Motors are announced on February 2. This growth in the company's stock has come due to Jaguar Land Rover (JLR)'s record sales in Q3 and its decision to increase the prices of its passenger vehicles.
Tata Motors stock has increased by more than 10% in the last one month. In the last 6 months, the company's shares have given returns of about 35% to its investors and more than 90% in a year.
Last week, Tata Motors had announced that it will increase the prices of its passenger vehicles by 0.7% from February 1, 2024. The company's electric vehicles will also be included in this price hike.
Apart from this, Jaguar Land Rover division of Tata Motors sold 1.01 lakh wholesale units in the third quarter (Q3FY24), which is a growth of 27% year-on-year. This is also the highest wholesale sales figure in the last 11 quarters.
Brokerages like Morgan Stanley and Motilal Oswal had given positive ratings to the stock citing strong sales. In which the share of Range Rover, Ranger Rover Sport and Defender in wholesale sales was 62%.
Tata Motors has recently given Indian customers a new option in electric cars by launching the new Punch EV. Also, the company is planning to expand its electric vehicle (EV) portfolio this year. Curve EV can be launched by the middle of this year. After this, by the end of the year the company will launch electric versions of Harrier and Sierra. Apart from this, the electric variant of Altroz is likely to arrive early next year.
