Tata Motors rises before automaker reports its June sales results. Is it time to but its shares?

Tata Motors Share Price: Tata Motors shares rose on BSE on Monday (July 1, 2024) as the large-cap automaker announced its June month vehicle sales numbers post market hours. 

Tata Motors is also set to increase prices of its commercial vehicles (CVs) by two per cent with effect from today.

The stock of Tata Motors that closed trading at Rs 990.10 in the previous session rose by 1.50 per cent to Monday's high of Rs 1005.00.

Tata Motors shares closed the trading session on Monday higher by 1.17 per cent, or Rs 11.55, at Rs 1,001.65.

Tata Motors CV price hike

The automaker logged total sales of 74,147 units in the domestic market last month, as against 80,383 units in the corresponding period a year ago.

Its commercial vehicle sales also went down by eight per cent to 31,980 in June compared to 34,314 in the same month last year. 

Tata Motors CV price hike

Tata Motors announced last week that it would increase the prices of its CVs by two per cent effective from July 1, 2024.

The automaker said that the price increase would be applied across its entire range of commercial vehicles, with the exact increment varying according to individual models and variants. 

The company said that the price rise is unavoidable due to the escalating prices of raw materials.

Yes Securities on Tata Motors 

Brokerage Yes Securities has recommended adding Tata Motors to the portfolio with a target price of Rs 1,196. 

Kushal Gupta on Tata Motors

Zee Business analyst Kushal Gupta has asked buying Tata Motors futures with a target price of Rs 1,020 and stop loss at Rs 980.