Tata Motors Ltd. shares rose after it received an order to supply bus chassis to Uttar Pradesh State Road Transport Corp. As part of the order, the company will supply 1,297 bus chassis, Bloomberg reported.
Following the news, Tata Motors shares erased losses from the day's low to trade slightly higher. The company is yet to issue an official statement about the order.
A chassis is the main supporting framework or load-bearing structure of a vehicle.
Tata Motors' share price rose 1.47% to Rs 796.35 apiece. It was trading 0.57% higher at Rs 789.30 apiece as of 12:35 p.m., as compared to 0.89% decline in the NSE Nifty 50.
The stock opened 0.09% higher at Rs 785.50 apiece on Tuesday. It then erased gains to decline 0.23% to the day's low of Rs 783.00 apiece. Tata Motors shares hit a 52–week high of Rs 1,179 apiece on July 30, and touched a 52–week low of Rs 696.25 apiece on Dec. 21, 2023.
The stock gained 8% in 12 months, and 1.34% on year-to-date basis. Total traded volume so far in the day stood at 0.8 times its 30-day average. The relative strength index was at 42.30.
Out of 35 analysts tracking the company, 20 maintain a 'buy' rating, 10 recommend a 'hold' and five suggest 'sell', according to Bloomberg data. The average 12-month analysts' consensus price target implies an upside of 22.1%.
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