Tata Motors Ltd’s stock emerged as the top Nifty 50 performer in 2023, gaining as much as 101%. The good news for investors is that the new year has begun on an upbeat note.
The automaker’s stock hit a new 52-week high of ₹818.55 in early deals on Friday. This follows the continued healthy performance of its British subsidiary, Jaguar Land Rover Automotive Plc (JLR).
In the December quarter (Q3FY24), JLR’s wholesale volume rose by 27% year-on-year to 101,043 units. This marks the sixth consecutive quarter of year-on-year growth.
The volume figure is the highest in the past 11 quarters.
In fact, the turnaround in the JLR segment is a key factor that lifted the sentiment of investors in Tata Motors shares in 2023.
To be sure, Tata Motors’s commercial-vehicle segment could see some volatility in view of the upcoming elections. The passenger vehicle industry (PV) is also likely to see a slowdown in 2024. Against this backdrop, the trajectory of Tata Motors’s PV volume will be a aspect to monitor.
