By Malvika Gurung
Investing.com -- The domestic automaker stock Tata Motors (NS: TAMO ) hit a new 52-week high on Monday, rising 2.33% to Rs 548.4/share in the session, and extended its upward trend for the fourth day in a row.
In the past seven trading days, Tata Motors’ shares have declined only once. The stock has gained 6.5% in seven sessions and is up 5.7% in four days.
So far in the calendar year 2023, the mega-cap giant’s shares have jumped 41.11%.
The stock hit a 52-week high on Monday in response to the Tata Group signing a deal with the Government of Gujarat on Friday for investing nearly Rs 13,000 crore in the state to build a giga factory for manufacturing lithium-ion cells in Gujarat.
Agratas Energy Storage Solution, a subsidiary of Tata Group entered into a MoU with the Gujarat government to create a factory having an initial manufacturing capacity of 20 Gigawatt hours (GWh), with chances of getting doubled in a second phase of expansion.
The deal comes at a time when India is looking to build its electric vehicle supply chain and falls in line with the government’s plan of achieving 100% adoption of EVs by 2030.
Further, Tata Motors’ shares were also trading higher on Monday after the company released healthy sales figures for May. Its total passenger vehicle sales rose by 6% YoY in May 2023 to 45,984 units.
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