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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