Tata Motors share price hits 52-week high; should you buy?

livemint.com:

Tata Motors share price rose almost three per cent to its fresh 52-week high of ₹634.60 in intraday trade on BSE on Monday, July 10, looking set to extend its winning run into the third consecutive session. The stock rose after the company said sales of Jaguar Land Rover (JLR) increased significantly on a year-on-year (YoY) basis for the first quarter of FY24. In a BSE filing on Friday, July 7, the company said "wholesale volumes for the first quarter for JLR were 93,253 units (excluding the Chery Jaguar Land Rover China JV), up 30 per cent compared to the same quarter a year ago.

Wholesales were slightly lower (down 1 per cent) compared to the prior quarter ending March 31, 2023, reflecting shipping schedules, while production was up quarter on quarter." "Retail sales for the first quarter were 1,01,994 units (including the Chery Jaguar Land Rover China JV), up 29 per cent compared to the same quarter a year ago. Retails were broadly flat (down 1 per cent) compared to the prior quarter ending March 31, 2023," Tata Motors said. Read more: Tata Motors' JLR free cash flow seen at £400 million in Q1FY24 Shares of Tata Motors have significantly outperformed the BSE Auto index and the equity benchmark Sensex.

Tata Motors shares have risen 43 per cent in the last one year against a 27 per cent rise in the BSE Auto index and a 20 per cent rise in the benchmark Sensex. Technical analysts are positive about the stock for the short to medium term. Jigar S.