Tata Motors shares surged over 7% to a record high after better-than-expected Q3FY24 earnings. The company’s consolidated net profit increased 2.4 times YoY to Rs 7,025 crore. International brokerages CLSA, Macquarie, and Goldman Sachs raised their price targets. CLSA highlighted the strong performance of the Jaguar Land Rover segment. Macquarie noted the improvement in margins for JLR and domestic PV. Goldman Sachs mentioned the positive impact of better realisation and new models. Nuvama downgraded the stock due to limited upside potential and moderating volume outlook.
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