Tata Motors shares surge over 7% in trade to Rs 936 after the company posted a strong set of Q3 earnings, revising its guidance for JLR (Jaguar-Land Rover) higher, again. Shares of Tata Motors ended at Rs 878 on Friday.
Brokerages like Morgan Stanley and Jefferies, who have an Overweight and Buy call on the stock, and have increased their target price to Rs 1,013 and Rs 1,100 per share after the Q3 numbers. This implies an upside of upto 25% from the stock’s closing price of Friday.
Tata Motors’ Q3 net profit doubled to Rs 7,025 crore from Rs 2,957.71 crore posted in the same period last year. “We remain positive on all three auto businesses. We expect the performance to further improve in Q4 (March quarter) on account of seasonality, new launches and improving supplies at JLR,” Tata Motors said in a statement.
