Tata Motors up 10%, at 3-yr high on strong biz outlook, brokerage upgrade

Foreign brokerage firm Morgan Stanley upgraded the stock with an overweight rating from equal-weight and raised target price to Rs 448 from Rs 298 earlier on the back of improved business outlook

Shares of Tata Motors rallied 10 per cent, hitting a fresh three-year high at Rs 368.25 on the BSE in Thursday’s intra-day trade on expectation of strong business outlook. The stock of Tata Group, a commercial vehicle company, was trading at its highest level since April 2018. It surpassed its previous high of Rs 360.65 touched on June 15, 2021.

The brokerage firm Morgan Stanley has upgraded Tata Motors with an overweight rating from equal-weight and raised target price to Rs 448 from Rs 298 earlier.

Tata Motors is seen more as a Jaguar Land Rover (JLR)/global luxury