Shares of Tata Motors rose 2.5% to an eight-month high of Rs 483.5 in intraday trade on Tuesday, as hopes were placed on the health of the January-March quarter (Q4FY23). Performance, mostly tracking the recovery in wholesale volume at Jaguar Land Rover (JLR). In contrast, the S&P BSE Sensex rose 0.16% to 60,004 as of 9:29 am.

Tata Group’s passenger car and utility vehicle maker hit its highest level since August 19, 2022. The stock has risen 20% over the past three weeks.

The Board of Directors of Tata Motors is scheduled to meet on May 12, 2023, to consider and approve the company’s audited financial results (standalone and consolidated) for the quarter and fiscal year ending March 31, 2023.

Total sales from the India business were 252,000 units, up 10.4% quarter-on-quarter, and JLR sales (including the Chinese joint venture) are estimated at 108,000 units, up 16.6% quarter-on-quarter.

Oswal Financial Services has a “buy” rating on Tata Motors with a target price of Rs 525 per share.