Tata Motors zooms past Maruti Suzuki to become India's most valuable carmaker.

30 Jan 2024 , 07:12 AM

Ahead of the company’s Q3FY24 results announcement, shares of Tata Motors jumped 5% to an all-time high. Due to the company’s decision to raise the price of its passenger cars and the record sales of Jaguar Land Rover (JLR) in the third quarter, its stock has increased dramatically. Throughout the past month, the stock has increased by more than 10%.

At ₹3.159 Lakh Crore, the company’s market capitalization also exceeded Maruti Suzuki’s.

On January 30, 2024, the price of Tata Motors’ stock on the exchanges reached ₹885.95.

On February 2, the business is scheduled to release its Q3 earnings.

The current surge in the stock price has been caused by several factors. Tata Motors had declared last week that starting on February 1, 2024, the company would increase the pricing of its passenger cars by 0.7 %. Its electric cars will also be subject to this price increase.

Furthermore, the third quarter saw 1.01 lakh wholesale units sold by Tata Motors’ Jaguar Land Rover subsidiary, a 27% YoY rise. Furthermore, in the previous 11 quarters, this is the highest wholesale figure.

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