By Malvika Gurung
Investing.com -- Shares of the auto-making giant Tata Motors (NS: TAMO ) were trading 2.4% higher at Rs 423.5 apiece at 1:55 pm, after surging 3.6% to Rs 428.5 apiece earlier in the session on Wednesday.
The stock uptick came after an official announced the company’s plans of investing Rs 15,000 crore in its electric vehicles segment over the next five years.
Also, Tata Motors will be working on developing about 10 new products in the EV segment, with different kinds of body styles, price, driving range options, informed Shailesh Chandra, the President for Passenger Vehicles Business of Tata Motors.
The auto stock has underperformed the Nifty Auto index over the past 5 years and declined 12.46% since the start of 2022. It has, however, surged 32.06% in the past year.
Brokerage firm ICICI Direct has set a target price of Rs 500/share on the Tata stock and maintained its Buy rating on the stock, backed by continued EV proactiveness and robust demand prospects.
Besides, TaMo has also raised $1 billion in funding from private equity major TPG in its EV segment, valuing the business at $9.1 billion, as per a PTI report.
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