Tata Motors becomes India's largest carmaker by market cap

Tata Motors overtook Maruti Suzuki, which has been at the top for the past 7 years.

Tata Motors has become India’s largest carmaker in terms of market capitalization. The company overtook Maruti Suzuki, which has been at the top for the past 7 years.

Tata Motors’ shares surged 5%, hitting a 52-week high of Rs 886.30 on the BSE on Tuesday. The stock closed 2.19% higher at Rs 859.25. The carmaker’s market cap was Rs 3.159 lakh crore against Maruti Suzuki’s Rs 3.13 lakh crore.

Reports suggest that the company’s stocks surged on the back of Jaguar Land Rover’s record sales in Q3. It is said that the Range Rover, Range Rover Sport and Defender accounted for 62% of the wholesale.

Tata Motors also recorded its highest sales in the last 11 quarters. The carmaker sold 1.01 lakh vehicles - a 27% growth compared to the previous year.

Tata Motors will announce its Q3 results on February 2, 2024.

Source: Moneycontrol