Today, Tata Motors and Tata Motors DVR were alternating as the top gainer on the BSE since opening. Tata Motors which hit the UC twice during Muhurat Trading, opened today with a gain of 2.5% at Rs.151 and went on to hit an intraday high at Rs.170, going up over 15%. Its 20% UC for today is at Rs.177.50.

The DVR hit the 20% UC today briefly at Rs.76.95 and now is now over 15% higher at Rs.77.10. Its 20% UC now stands at Rs.80.30.

There seems to be a scramble to buy up Tata Motors stocks after its performance for Q2FY20, post which many analysts and brokerages hiked their target prices, indicating optimism ahead.

The company’s loss for Q2FY20 came down to Rs.216 crore v/s Rs.1049 crore loss in previous Q2. JLR’s revenue increased 8% (YoY) at £6.1billion, driven by 3% rise in wholesales and a favourable product mix. What also helped was that its performance in China improved sharply, up 24%.

The biggest positive for the market was that the JLR margins rose to a 13-quarter high at 13.8%. This is being construed as a sign of bottoming out in JLR; after four consecutive quarters of a withdrawal, JLR margin has finally indicated that things are looking up.

Following this, CLSA upgraded the stocks from “sell to “buy” and put out a target price at rs.190 from Rs.120 earlier. Kotak maintained its “buy” with target price hiked from Rs 190 to Rs 200. Antique Stock broking put out a target price of Rs.197. Edelweiss raised its target price on the stock to Rs 140 from Rs 134 but retained a hold rating. Ambit remained cautious and advised that one should not read too much in this margin improvement due to one quarter bounce back in JLR – it maintained “sell” with a target price of Rs.125.