TATA Motors share price rallies as foreign brokerage upgrades ratings

The Markets Today in a nutshell

• Domestic stock market ended on a negative note.
• Global shares declined ahead of US Federal Reserve Chair Jerome Powell’s speech due later in the day. Traders worry that higher interest rates could tip the economy into a recession.
• Prime Minister Narendra Modi is scheduled to hold a pre-budget meeting with economists and sectoral experts at NITI Aayog on 13 January 2023 to discuss the state of the economy and measures to accelerate growth, as per reports. The meeting will also be attended by several Union ministers. The 2023-24 Budget is set to be presented in Parliament on February 1.

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News you could use

? TATA Motors share price rallies as foreign brokerage upgrades ratings
CLSA upgraded the stock to “buy”. The global research firm also raised the target price to Rs 512 a share, an upside of over 23 percent from the current market price, according to a CNBC-TV18 report. Jaguar Land Rover, a wholly owned subsidiary of Tata Motors Limited, on January 9 reported increased wholesale volumes for the third quarter of FY23, reflecting a gradual improvement in chip supplies. The New Range Rover, New Range Rover Sport, and Defender represent 74 percent of the order book, the company said.

? Safari Industries stock price jumped 5 percent on capacity expansion
The firm successfully commenced additional production of luggage from January 9, 2023 at its factory in Halol, Gujarat. With this addition, the effective production capacity of the company has increased from 2.5 lakh pieces a month to 3 lakh

? TCS share price declines as investors digest quarterly results
The company had posted a profit of Rs 9,806 crore in the year-ago period. The consolidated revenue from operations came in at Rs 58,229 crore, up 19.11 percent against Rs 48,885 crore in the corresponding quarter of the previous fiscal. Citi has maintained the “sell” rating on the stock. JP Morgan remains “underweight” on the stock.

News from the IPO world?

• Cyient’s subsidiary files for IPO to have fresh issue of Rs. 740 crore
• About 54 companies waiting to raise Rs. 84000 crore fresh capital

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