Tata Motors is only Nifty50 stock to double this year
Tata Motors's stock price jumped 6.5% to Rs. 802.90 on the final session of the year, becoming the only Nifty50 stock to double in 2023. The stock closed year 2022 at Rs. 387.9 apiece, and now it's closing 2023 at Rs. 779.95, that's a 101% return. This growth is credited to a robust outlook for Jaguar Land Rover (JLR), a gradual transition to electric vehicles (EVs), and a surge in demand for SUVs due to people's increased disposable incomes.
Tata Motors is capitalizing on the rising SUV trend
Tata Motors is gearing up to launch a range of electric SUVs across various price points in the upcoming quarters. This strategy aims to capitalize on the popular SUV trend and compete against international rivals like Tesla, which is anticipated to enter the Indian market soon. Tata Harrier EV will reportedly hit the market by June 2024 with a price tag of Rs. 22 lakh, while its Curvv Coupe EV will be available by December 2024 for Rs. 22 lakh.
Should you buy Tata Motors shares now?
Gaurav Bissa, Vice President of InCred Equities, told Moneycontrol, "Tata Motors experienced an 8-year breakout on the monthly charts around 550-560 levels and has run up strongly since then." He noted that while the stock has the potential to climb higher, short-term traders should consider booking profits. Bissa also stated that long-term targets are seen around 900 levels where a cluster count target on point and figure charts is positioned.
