Tata Motors share price: Tata Motors shares edged higher in the morning deals and touched the day's high at Rs 801.9 apiece, which was Rs 3.95 away from its all-time high of Rs 805.85 on the BSE. The stock rose after the Tata Group company's subsidiary Jaguar Land Rover (JLR) reported increased sales volume for the third quarter of FY24, reflecting improvements in supply as more vehicles were delivered to clients.

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At around 9:55 a.m., shares of Tata Motors traded 0.82 per cent or Rs 6.5, higher on the BSE at Rs 795.55 apiece. The market capitalisation of the company stood at Rs 2,64,349.10 crore at around the same time.

On Monday, after market hours, Tata Motors informed that JLR's wholesale sales in the third quarter ending September 30, 2023, crossed 1 lakh units for the first time in 11 quarters.

Further, the wholesale volumes for Range Rover Sport were 16,921, up 49 per cent, for Range Rover 18,843, up 12 per cent and for Defender 27,117, up 14 per cent (compared to the quarter ended December 31, 2022). Wholesale volumes for the financial year to date were 291,113, up 28 per cent compared to the prior year.

Additionally, the retail sales for Q3 were 109,140 units (including the Chery Jaguar Land Rover China JV), up 29 per cent. Besides, the order book continued to reflect strong demand for JLR products, with 148k client orders at the end of the third quarter. This has reduced from 168k at the end of the second quarter, reflecting increased order fulfilment for clients and resulting in improved client waiting times for our highly desirable vehicles.

Demand for Range Rover, Range Rover Sport, and Defender remains particularly strong, representing 76 per cent of the order book.

JLR will report full financial results for Q3 FY24 at the beginning of February, as per the filing.

Should you buy, sell, or hold Tata Motors shares?

Morgan Stanley has kept an 'overweight' stance on Tata Motors and has raised the target price to Rs 890 from Rs 782 apiece. Similarly, JP Morgan also maintained an 'overweight' rating and gave a target price of Rs 925 apiece.

Jefferies continued with a 'buy' and raised the target to Rs 950 from Rs 800 apiece, and Macquarie also maintained an 'outperform' for a target price of Rs 750 per share.

Tata Motors share price: Past performance 

In a year, Tata Motors shares have gained over 105 per cent as against the Nifty 50's rise of over 19 per cent.

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