Tata Motors shares hit fresh 52-week high. Where’s stock headed next?

Tata Motors’ shares have hit a 52-week high after the company reiterated its focus on profitability, expanded portfolio in the passenger vehicle segment, and strengthened its India business franchise. The stock has witnessed an uninterrupted seven-session rally, resulting in gains of over 10%. Several top brokerages, such as CLSA, Morgan Stanley, and Nomura, recommended a ‘Buy’ rating on the company’s shares after the announcements made during its ‘Investor Day’ meeting on Wednesday. However, Kotak Institutional Equities downgraded its recommendation to ‘Reduce’ despite keeping its FY2024-25E estimates unchanged.

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