Krishna Janmashtami Pick: Tata Group Stock Gets Buy Call By Sumeet Bagadia For TP 1205/1260; Buy At?

On August 26, the nation celebrates Krishna Janmashtami, often referred to as Krishnashtami, Janmashtami, or Gokulashtami. Choice Broking executive director Sumeet Bagadia recommended investors buy Tata group stock in observance of the holiday. The financial analyst advises purchasing the stock at a price of Rs 1099 and adding up to Rs 1075 in order to reach the target price of Rs 1205/1260. With its market capitalisation hitting $51 billion on July 31st, Tata Motors is now the most valuable automotive company in India and the first Indian company to rank among the top 10 most valued worldwide automobile companies.

Tata Motors Share Price Target

Buy TATAMOTORS @ 1099 & add Upto 1075, the Target of 1205/1260

"Tata Motors is currently trading at 1099 and has recently broken out of a rounding bottom pattern, signaling a reversal and a strong bullish trend. A breakout above Rs 1100 could drive the stock towards the Rs 1205 and 1260 levels, with immediate resistance at Rs 1170. On the downside, Rs 1010 and 990 are critical support levels," said Sumeet Bagadia.

"Additionally, after a prolonged correction, the stock has reversed from its support level. The Relative Strength Index (RSI) is currently at 57.8, suggesting an upward trajectory and increasing buying momentum. Based on these technical indicators, a prudent strategy would be to consider buying opportunities on dips around the Rs 1075 and 1095 levels," the analyst added.

"In summary, technical analysis and current market conditions indicate that Tata Motors presents a promising buying opportunity for those targeting the Rs 1205 and 1260 price objectives. It's essential to apply prudent risk management strategies to navigate potential market fluctuations," Sumeet Bagadia further commented.

Tata Motors DVR Conversion

The record date for the conversion of shares with differential voting rights (DVR), often referred to as A-ordinary shares, into ordinary shares has been set by Tata Motors for September 1. In accordance with the plan, the firm will provide consideration to the "A" Ordinary shareholders of the company as of the record date by issuing seven fully paid up new ordinary shares with a face value of Rs. 2 for every ten "A" ordinary shares with a face value of Rs. 2.

"In furtherance to the above and pursuant to Regulations 30 and 42 of the SEBI Listing Regulations, we wish to inform you that the Company has fixed Sunday, September 1, 2024 as the 'Record Date' for the purpose of determining the names of the holders of 'A' Ordinary Shares who shall be entitled to receive the Consideration. The Company is in the process of filing certified copy of the aforesaid Order of the NCLT with the Registrar of Companies, Maharashtra, Mumbai to make the Scheme effective," said Tata Motors in a stock exchange filing.