Tata Motors’ shares rallied by nearly 8% following the release of robust global wholesale numbers that increased by 8% YoY. The increase was a result of Jaguar Land Rover’s strong performance and Goldman Sachs’ recent upgrade of the stock.
Details of the Increase:
On Friday, Tata Motors reported an 8% YoY increase in group global wholesales, including those of Jaguar Land Rover, at 3,61,361 units in the fourth quarter of FY23. The company’s commercial vehicles and Tata Daewoo range in the January-March period increased by 3% over the same period of FY22. Dispatches of all passenger vehicles in the fourth quarter also increased by 10% over the corresponding quarter of the previous fiscal year.
Santosh Meena, Head of Research at Swastika Investmart Ltd, believes that Tata Motors is coming out of an 18-month consolidation phase with a breakout of the classical symmetrical triangle format that may lead to a fresh expansion phase. Meena predicts that the pattern target is around 620, which is still 30% higher than the current level. However, investors should look for a buying opportunity at this counter. On the downside, 440-425 will act as a strong demand zone at any pullback.
Should You Buy or Sell?
With Tata Motors’ recent increase, investors may be wondering whether to buy or sell. While experts predict a potential breakout phase for the company, investors should wait for a buying opportunity at this counter. As always, it’s essential to do your research and consult with your financial advisor before making any investment decisions.
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