Tata Motors (NYSE: TTM ) has reported a modest 2% year-on-year increase in domestic sales, with the total for the quarter ending September 2023 standing at 82,023 units. The company's total commercial vehicle sales saw a more significant rise, increasing by 12% year-on-year to 39,064 units. However, the firm's passenger vehicle sales, including electric vehicles, experienced a 6% decrease in the domestic market compared to September 2022. Despite this, international electric vehicle sales surged by 57% compared to the same period last year.
The market responded to these results with a slight dip in Tata Motors' stock value. On Tuesday, shares of Tata Motors dropped nearly 2% in early trade. As of 12:33 pm, the stock was trading 1.6% lower at Rs 620.25 on the NSE. So far this year, however, Tata Motors' stock has returned an impressive 60%, significantly outperforming the benchmark Nifty50's return of 7.8% over the same period.
Meanwhile, Tata Consultancy Services (NS: TCS ) has ended its hybrid work policy for all employees as of October 1, marking a shift in its workforce strategy.
In other corporate news, Ahlem Friga-Noy, TotalEnergies (EPA: TTEF )' nominee director, stepped down from the board of Adani Total Gas effective from September 30 due to restructuring within the TotalEnergies Group in India. The company intends to nominate a new director who will be presented to both the Nomination & Remuneration Committee and Board of Adani Total Gas in due course.
Despite mixed reactions to Tata Motors' latest sales figures, brokerage firms remain positive about the company's prospects. KRChoksey maintains a 'buy' rating for the company's stock with a target of Rs 743 per share, suggesting a potential upside of more than 15%. Motilal Oswal also holds a bullish view on Tata Motors, assigning a 'buy' rating to the stock with a target price of Rs 750 in a report released on July 26.
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