The share price of Tata Motors gained almost 5% in Friday’s trade, touching an intraday high of Rs 106.35 on the Bombay Stock Exchange. Besides Tata Motors, shares of TVS Motor Company, Eicher Motors, Bajaj Auto, Hero MotoCorp gained in a range of 2-3%.
Tata Motors shares rallied 4.73% against the previous closing of Rs 101.55. The stock opened at Rs 102.70 and hit the day’s low at Rs 102.10 on BSE.
Tata Motors share price trades higher than 5, 20, 50 and 100-day but lower than 200-day moving averages. Tata Motors stock has gained 5.9% in the last 3 days.
Tata Motors’ stock has risen 2.5% in one week and 5.36% in one month. The market capitalization of the automaker stood at Rs 32,156.22 crore as of today’s session.
On July 1, Tata Motors recorded sales of 25,047 vehicles in the domestic & international market, for Q1 FY21 compared to 1,37,545 units during Q1 FY20. For the month of June, the company saw a 48% YoY sales decline of total volume to 1,16,683 units as against 2,26,163 units during the corresponding period in 2019.
The company said after the partial sales recovery in May 2020, pent up demand supported a steeper recovery of retail on June 20. The automaker also added that it has cash and cash equivalents of more than Rs 5,000 crore and undrawn committed facilities of Rs 1,500 crore.
Meanwhile, Nifty Auto was among the top gaining sectors today that was up 1.8% intraday and later closed 0.93% higher.
Auto shares rose in today’s session after major Indian automakers clocked sharply higher month-on-month sales increase in June, on back of pent-up demand, giving hopes revival in economic activity to investors.