Tata Motors share price extends rally; becomes 16th most valued automaker in the world
Tata Motors share price gained over a percent on Tuesday, extending its rally for the fourth straight session, to hover around its all-time high level hit in the previous session. Tata Motors also became the 16th most valued automaker in the world overtaking Kia Corporation in terms of market capitalization. Its m-cap surged to more than ₹2.07 lakh crore during the day.
Shares of Tata Motors touched their record level of ₹634.60 apiece on the BSE on July 10, after the company reported a significant rise in the sales of Jaguar Land Rover (JLR) cars during the first quarter of FY24. Also Read: Tata Motors becomes 16th most valued automaker, beats Kia Corporation m-cap Tata Motors stock price has soared more than 62% this year so far and has given multibagger returns of over 480% in three years. On July 7, the luxury auto arm of Tata Motors reported a 30% year-on-year (y-o-y) jump in global wholesale dispatches during the April-June quarter of this fiscal year.
Its retail sales surged 29% YoY in the quarter. JLR also expects to report positive free cash flow of over £400 million in the April - June quarter. It had shared guidance that it expects to generate £2 billion for the fiscal.
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