The shares of Tata Motors have been rising for the past one month, climbing to its 52-week high of ₹502.90 apiece on the National Stock Exchange (NSE) on Tuesday. The stock markets in India also hit record high today, with sentiment lifted by easing domestic inflation and an emergency nod for a Covid-19 vaccine for kids.
Tata Motors stock, meanwhile, soared on plans to boost electric-vehicle investments.
The Jaguar Land Rover parent said on Tuesday it raised funds from private equity firm TPG and that it would invest over $2 billion in its electric vehicle business over the next five years.
The company is yet to announce its shareholding pattern for the September 2021 quarter.
Those who have invested in Tata Motors have received windfall gains in the last few sessions. Among them is billionaire Rakesh Jhunjhunwala, whose net worth grew by nearly ₹640 crore in just nine trade sessions riding on the auto stock.
Jhunjhunwala, also known as the ‘big bull’ , cut down his stake in the company in April to June 2021 quarter. He held 4,27,50,000 Tata Motors shares or 1.29 per cent stake in the company in March.
Another Tata group company, Titan Company Ltd , also hit a record high on Thursday. The Indian watch and jewellery maker saw strong revenue growth across all its verticals due to the reopening of physical stores across the country. Easing of Covid-19 restrictions led to a demand in recovery, with sales moving “swiftly above or close to pre-pandemic levels in most of the divisions,” the company said in a statement. Titan shares gained as much as 9.3% to trade at ₹2,347.40 when markets closed on Thursday.
Airline stocks also surged, as Interglobe Aviation rose 5% and SpiceJet added 6% after India’s civil aviation ministry said domestic flights would fly at full capacity from next week.