Tata Motors Ltd Share Price – NSE  /  BSE

Automobile, Large Cap

Tata Motors announced that it will increase the price of its commercial vehicles effective 1 July 2024, up to 2%. The price increase is to offset the impact of rising commodity prices. It will be applicable across the entire range of commercial vehicles, and will vary as per individual model and variant.

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The headline equity benchmarks continued to trade sideways in afternoon trade. The Nifty traded below the 23,600 level. Private bank, bank and financial services stocks advanced while realty, oil & gas and consumer durables shares declined.

At 13:30 IST, the barometer index, the S&P BSE Sensex was up 82.69 points or 0.10% to 77,388.02. The Nifty 50 index lost 18.25 points or 0.08% to 23,542.65.

The Sensex and Nifty clocked an all-time high of 77,581.46 and 23,630.85 respectively in early trade.

The broader market underperformed the headline indices. The S&P BSE Mid-Cap index declined 0.59% and the S&P BSE Small-Cap index shed 0.31%.

The S&P BSE Mid-Cap and S&P BSE Small-Cap index hit an all-time high at 46,442.90 and 51,968.25 respectively.

The market breadth was negative. On the BSE, 1,680 shares rose and 2,107 shares fell. A total of 112 shares were unchanged.

Economy:

India's direct tax collection has grown significantly in the current financial year compared to the same period last year. Gross collections (before refunds) are up 22.19%, reaching over Rs 5.15 lakh crore by mid-June, while net collections (after refunds) have grown by around 21% to over Rs 4.62 lakh crore. This growth is partly due to a 27.34% increase in advance tax collection. The government has also issued more refunds this year, with Rs 53,322 crore paid out by mid-June, a 33.7% increase.

Gainers & Losers:

Axis Bank (up 1.87%), HDFC Bank (up 1.80%), ICICI Bank (up 1.55%), Indusind Bank (up 1.22%) and Infosys (up 0.86%) were major Nifty gainers.

Titan Company (down 2.94%), Hindalco Industries (down 2.19%), Larsen and Toubro (down 2.17%), Bharat Petroleum Corporation (down 1.82%) and Adani Enterprises (down 1.60%) were major Nifty losers.

Stocks in Spotlight:

Tata Motors shed 0.40%. The auto major announced that it will increase the price of its commercial vehicles (CVs) up to 2% effective from 1 July 2024.

Separately, JLR and Chery Automobile Company, partners in the Chery Jaguar Land Rover (CJLR) joint venture, have signed a letter of intent to focus on electric vehicles (EVs) for the Chinese market.

Ami Organics jumped 6.69% after its board approved the opening of qualified institutional placement (QIP) of equity shares with the floor price of Rs 1,228.71 per share.

Zee Entertainment Enterprises (ZEEL) slipped 3.03% after the company informed that Rohit Kumar has resigned from the post of chief financial officer of the company, due to personal reasons.

Bharat Forge rose 0.30%. The forging company on Tuesday announced that it has made an additional investment of $40 million (Rs 334.04 crore) in its wholly owned subsidiary, Bharat Forge America (BFA).

Venus Remedies advanced 1.44% after the company announced it has been awarded a tender by the VVHO-backed Pan American Health Organisation for supplying essential cancer drugs to multiple Latin American countries.

Global Markets:

European market declined while Asian stocks traded mixed on Wednesday, fueled by a tech rally. Disappointing U.S. retail sales data bolstered expectations of an interest rate cut by the Federal Reserve later this year.

The S&P 500 and Nasdaq hit record highs in the US on Tuesday, with Nvidia surpassing Microsoft to become the world's most valuable company.

U.S. retail sales data released Tuesday showed minimal growth in May, with prior month figures revised downward. This suggests sluggish economic activity in Q2, prompting investors to anticipate a Fed rate cut in September. CME FedWatch data indicates a 67% chance of easing, up from 61% the day before.

The U.S. stock market will be closed on Wednesday, June 19th, for Juneteenth

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The key equity indices traded sideways in early afternoon trade. The Nifty traded below the 23,600 level. Private bank shares extended gains for the third consecutive trading session.

At 12:30 IST, the barometer index, the S&P BSE Sensex was up 118.73 points or 0.17% to 77,423.67. The Nifty 50 index shed 5.65 points or 0.02% to 23,553.90.

The Sensex and Nifty clocked an all-time high of 77,581.46 and 23,630.85 respectively in early trade.

The broader market underperformed the headline indices. The S&P BSE Mid-Cap index fell 0.50% and the S&P BSE Small-Cap index shed 0.24%.

The S&P BSE Mid-Cap and S&P BSE Small-Cap index hit an all-time high at 46,442.90 and 51,968.25 respectively.

The market breadth was negative. On the BSE, 1,706 shares rose and 2,045 shares fell. A total of 119 shares were unchanged.

Economy:

The provisional figures of Direct Tax collections for the Financial Year 2024-25 (as on 17.06.2024) show that Net collections are at Rs 4,62,664 crore, compared to Rs 3,82,414 crore in the corresponding period of the preceding Financial Year (i.e. FY 2023-24), representing an increase of 20.99%, data from Ministry of Finance showed.

The provisional figures of Gross collection of Direct Taxes (before adjusting for refunds) for the Financial Year 2024-25 stand at Rs 5,15,986 crore compared to Rs 4,22,295 crore in the corresponding period of the preceding financial year, showing a growth of 22.19% over the collections of FY 2023-24.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, gained 3.56% to 13.43. The Nifty 27 June 2024 futures were trading at 23,571.90, at a premium of 18 points as compared with the spot at 23,553.90.

The Nifty option chain for the 27 June 2024 expiry showed maximum Call OI of 67.8 lakh contracts at the 24,000 strike price. Maximum Put OI of 69.7 lakh contracts were seen at 22,500 strike price.

Buzzing Index:

The Nifty Private Bank index rose 1.34% to 25,386. The index advanced 2.80% in the three consecutive trading sessions.

IndusInd Bank (up 1.89%), ICICI Bank (up 1.78%), HDFC Bank (up 1.47%), Kotak Mahindra Bank (up 1.41%) and Axis Bank (up 0.79%), City Union Bank (up 0.46%), Bandhan Bank (up 0.34%), IDFC First Bank (up 0.25%), Federal Bank (up 0.01%) edged higher.

On the other hand, RBL Bank (down 0.12%) slipped.

Stocks in Spotlight :

Tata Motors shed 0.24%. The auto major announced that it will increase the price of its commercial vehicles (CVs) up to 2% effective from 1 July 2024.

Separately, JLR and Chery Automobile Company, partners in the Chery Jaguar Land Rover (CJLR) joint venture, have signed a letter of intent to focus on electric vehicles (EVs) for the Chinese market.

Zee Entertainment Enterprises (ZEEL) declined 2.53% after the company informed that Rohit Kumar has resigned from the post of chief financial officer of the company, due to personal reasons.

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The car maker said that the price increase is to offset the impact of rising commodity prices.

“It will be applicable across the entire range of commercial vehicles, and will vary as per individual model and variant,” Tata Motors stated.

Separately, JLR and Chery Automobile Company, partners in the Chery Jaguar Land Rover (CJLR) joint venture, have signed a letter of intent to focus on electric vehicles (EVs) for the Chinese market.

This new collaboration leverages Chery's strong position in China and JLR's design expertise. The CJLR joint venture will produce a range of electric vehicles under the Freelander name, which will be reborn under a licensing agreement with JLR. This new lineup will be entirely electric, leveraging Chery's existing EV architecture. Production will take place at CJLR's Changshu facility.

Tata Motors, part of the Tata group, is a global automobile manufacturer of cars, utility vehicles, pick-ups, trucks and buses.

The company reported a consolidated net profit of Rs 17,528.59 crore in Q4 FY24, steeply higher from Rs 5,496.04 crore posted in Q4 FY23. Revenue from operations increased 13.52% YoY to Rs 1,19,213.35 crore in the quarter ended 31 March 2024.

The scrip fell 0.04% to Rs 986 on the BSE.

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