Tata Motors shares hit record high today. Here’s why

Shares of Tata Motors registered a strong rally on Thursday, reaching an all-time high of Rs 685.50 on the National Stock Exchange (NSE) after rising 2.1 per cent.

 

At around 1:35 pm, Tata Motors shares were trading 1.46 per cent higher at Rs 681.35.

The strong surge in Tata Motors’ share price comes after its inclusion in the MSCI Index on Tuesday. Analysts at Nuvama Alternative and Quantitative Research estimate that the inclusion is poised to bring inflows worth $184 million to Tata Motors.

It may be noted that shares of Tata Motors have gained over 5.5 per cent in the past five trading sessions and over 72 per cent since the beginning of 2023.

The share price of the company also got a boost after Tata Technologies announced the price band for its upcoming initial public offering (IPO) that opens for subscription on November 22.

The  which comprises an offer-for-sale (OFS) of up to 60,850,278 equity shares, has established a price range of Rs 475 to Rs 500 per equity share with a face value of Rs 2.

The subsidiary aims to raise Rs 3,042.51 crore through a public issue, solely through an offer-for-sale (OFS) by the promoter and investors. Notably, there is no provision for a fresh issue component in this offering.

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