Shares of automobile company Tata Motors continued to rise for the 8th consecutive day on Tuesday. The company’s stock touched a new 52-week high with a rise of over 10 per cent and the share price reached Rs 249.50. Tata Motors shares opened 3.95% stronger at Rs 228.80 on Tuesday.
Even on Monday, Tata Motors surprised everyone in the stock market. The company’s stock rose to a 52-week high of nearly 13 per cent on Monday and touched the upper circuit. It rose 12.64 percent to Rs 223.20 on the NSE on Monday, later closing at Rs 220.65. It gained 11.11 percent on the BSE and closed at Rs 220.10.
What are the reasons?
One of the reasons for the rise in Tata Motors shares is the discussion that electric car company Tesla is going to partner with Tata Motors for business in India. Elon Musk’s company Tesla will manufacture and sell vehicles using Tata Motors facilities in India. It is also being said that Tesla has done the necessary work for this and has found the infrastructure of Tata to be the most suitable for landing its electric car in India. The spread of this news gave a boost to Tata Motors stock. However, this discussion has not been confirmed yet.
Apart from this, another reason for the rise in Tata Motors shares is that its domestic business and JLR business have performed better than expected. Tata Motors’ sales in India in December stood at 53430 units, up 21 per cent over the same month last year.
250 percent rise since March
Since March 2020, Tata Motors shares have risen 250 per cent and investors’ earnings have increased more than three times. The shares of the company have gone up by 31.22 percent in the last 8 trading days.