ICICI Securities issues ‘Buy’ call for Tata Motors

On Friday, ICICI Securities

suggested purchasing the shares of Tata Motors as the automobile manufacturer has managed to enhance its market share in the passenger vehicle segment of India. However, the target price of the automaker's share has been revised to ₹677 now. Earlier, ICICI Securities suggested buying Tata Motors’ shares in March 2022, with a target price of ₹703. A few days before, the auto company, announced its financial result for the fiscal year 2022 which ended in March this year.

Tata Motors

reported revenue of ₹2.78 lakh crore in the year-long period, while its net loss was reported at ₹13,600 crores.

On Friday, the shares of Tata Motors

raised roughly 9% on Friday morning, trading at ₹407 at 11:11 am on May 13. ICICI Securities now predicts that Tata Motors, by the end of this fiscal year, will cross ₹3 lakh crore in revenue. ICICI Securities further informed that the “continued market share gains” in the domestic passenger vehicle business, commercial vehicle (CV) upcycle, and delivery on free cash flow (FCF) generation, along with accelerated initiatives in building the electric vehicle portfolio resonate well with investor expectations.