Tata Motors shares hit all-time high ahead of Tata Technologies IPO listing date | Mint
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Business News/ Markets / Stock Markets/  Tata Motors shares hit all-time high ahead of Tata Technologies IPO listing date

Tata Motors shares hit all-time high ahead of Tata Technologies IPO listing date

Tata Motors share price today touched new all-time high of ₹702.80 apiece on NSE during morning deals

Tata Technologies IPO listing date is most likely on 30th November 2023 i.e. on tomorrow. (MINT)Premium
Tata Technologies IPO listing date is most likely on 30th November 2023 i.e. on tomorrow. (MINT)

Stock market today: As investors are eagerly awaiting for the announcement of Tata Technologies IPO allotment status, Tata Motors shares witnessed buying interest among Dalal Street bulls during morning deals. This helped Tata Motors shares to extend its rally and touch new all-time high of 702.80 per share on NSE. While climbing to this new peak, Tata Motors share price today managed to deliver more than 75 per cent return to its positional investors in YTD. However, stock market experts still see big upside and expect Tata Motors share price to touch 945 apiece levels in medium to long term.

According to stock market experts, Tata Motors shares are ascending due to various rerasons — rise in sales of Jaguar and Range Rover are one of them. They said that market is expecting strong listing of Tata Technologies IPO, which is 100 per cent offer for sale (OFS). As Tata Motors is offloading its stake in Tata Technologies IPO, the auto major is expected to benefit from this offer for sale. So, rise in sales of its premium variants and better listing price of Tata Technologies IPO is expected to enable Tata Motors to deliver strong quarterly numbers in upcoming quarters, said experts.

Why Tata Motors shares are skyrocketing?

Highlighting the reasons fueling Tata Motors shares, Saurabh Jain, Vice President — Research at SMC Global Securities said, "Tata Motors is expected to benefit from rise in sales of Jaguar and Range Rover. Apart from this, company has managed to improve its margins in recently announced Q2 results 2023. Other reason is Tata Technologies IPO listing as market is expecting strong debut of this Tata group company's shares, which is expected to list on Friday i.e. tomorrow."

Tata Technologies IPO in focus

On how Tata Motors is benefiting from Tata Technologies IPO, Avinash Gorakshkar, Head of Research at Profitmart Securities said, "Tata Technologies IPO is completely OFS and hence net proceeds of the public issue is expected to fuel balance sheet of Tata Motors as the auto major is offloading its stake in Tata Technologies IPO. As Tata Technologies IPO listing price is expected at near 80 to 85 per cent premium, market is expected huge support for further improvement in margins and other fundamentals of the company in upcoming quarters."

Tata Motors share price target

Speaking on outlook for Tata Motors shares, Sumeet Bagadia, Executive Director at Choice Broking said, "Tata Motors share is currently trading at 700 apiece levels There has been a recent strong breakout of range on the Weekly chart, accompanied by robust volume. The monthly chart reveals the formation of a substantial inverted head and shoulders pattern, suggesting the potential for positive returns in both the short and long term, with price targets of 800 and 945.

"To effectively manage risk, it is advisable to implement a stop-loss (SL) at 670. This measure is crucial to safeguard your investment in the event of an unexpected market reversal. In summary, considering the technical analysis and current market conditions, Tata Motors share appears to present an attractive buying opportunity for those aiming for a 745 price target, provided that prudent risk management measures are in place," Sumeet Bagadia said.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decision.

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Asit Manohar
Chief Content Producer at Live Mint Digital Team
Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Check all the latest action on Budget 2024 here. Download The Mint News App to get Daily Market Updates.
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Published: 29 Nov 2023, 01:30 PM IST
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