Tata Motors Stock Hits 52-Week High on IPO Approval Boost Sentiment

28 Jun 2023 , 02:57 PM

Shares of Tata Motors surged nearly 3 % in afternoon trading on June 28, reaching a 52-week high of Rs 589.30. The stock has witnessed a positive sentiment driven by the strong growth outlook for its luxury subsidiary Jaguar and Land Rover (JLR), as well as the approval of the public offer for its subsidiary Tata Technologies.

Tata Motors shares were trading at Rs 585.95 on the NSE, marking a 2.24 % increase from the previous close. The trading volume was also robust, with one crore shares changing hands on the exchanges, surpassing the one-week daily traded average of 97 lakh shares.

The Securities and Exchange Board of India (SEBI) approved the public offer of Tata Technologies on June 27, making it the first IPO of a Tata Group company in the past two decades. Tata Motors holds a 74.69 % stake in Tata Technologies.

Tata Motors plans to sell 26.77 % of its stake in Tata Technologies and utilize the proceeds to reduce its debt, which is viewed positively by investors. The stock has also soared by approximately 51 % year-to-date, contributing to the upbeat market sentiment.

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