What is fueling this mutual funds, LIC-backed Tata group stock — explained
Indian stocks, which has delivered stellar return to shareholders in YTD. This Indian auto major has backing of various mutual funds and state-owned insurer Life Insurance Corporation (LIC) of India.
As per the shareholding pattern of Tata Motors for April to June 2023, mutual funds own 8.69 per cent stake in Tata Motors whereas LIC owns 5.07 per cent stake in this Tata group company. Tata Motors shares have been in uptrend after ushering in new financial year 2023-24.
At the beginning of new financial year, Tata Motors shares were available aty around ₹400 apiece levels. In next six and half months, Tata Motors share price has ascended to the tune of ₹660 apiece on NSE, delivering 65 per cent in FY24.
However, the stock has gained 70 per cent in year-to-date time as it has ascended from around ₹390 to ₹660 apiece levels in this time. Va Tech Wabag stock spikes 11% to hit six-week high on partnership with Pani Energy Speaking on the reasons that fueled Tata Motors share price, Avinash Gorakshkar, Head of Research at Profitmart Securities said, "Tata Motors share price rally can be attributed to the following reasons — upcoming Tata Tech IPO, rise in JLR sales, rising auto sales in domestic and international market, strong economic growth in India leading to rise in spendings of the Indian millennials." He said that market is expecting better quarterly numbers from the Indian auto major as auto companies are expected to benefit from improving Indian economy and rising demand in upcoming gestival season.
Multibagger liquor stock hits upper circuit after ₹180 crore loan sanction Profitmart Securities expert went on to add that Tata Motors shares may showcase sharp upside once Tata Technologies IPO is launched. He said that
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