Tata Consumer Products Share: The share of Tata Consumer Products, a Tata group company, is performing strongly these days. Today, the share price gained nearly 5 percent and hit a 52-week high. This stock has been climbing for the last three months. On 16 March 2023, the stock hit a 52-week low of Rs. 685 at . From there, the share grew 26 percent to 864 today. Tata Consumer shares have performed well today in a volatile market.
What is the reason for the rise in shares?
The stock has rallied since Tata Consumer Products announced its third quarter results. The company announced its results on April 25, in which its consolidated net profit grew by 21 per cent to Rs 290 crore. Last year in the same period the company had registered a net profit of Rs 239 crore. The company’s net income from operations rose 14 per cent to Rs 3,619 crore from Rs 3,175 crore in the year-ago period. The stock was falling for four months before April, but it gained 7.5 per cent in April.
What do experts say about Tata Consumer shares?
ICICI Securities has given a buy rating on the stock with a buy recommendation with a target of Rs 900. Nirmal Bang has also given a target price of Rs 900 on the stock. However, experts at brokerage company Anand Rathi believe that Tata Consumer Products shares should not be bought at this level. Those who have already bought this stock should now think about booking profits. This share has increased by 25 per cent in three months, it is being told a lot. Caution should be exercised as the stock is nearing its all-time high of ₹880-890.
According to Incred Equity, Tata Consumer shares are making higher highs and higher lows. The stock was in the consolidation phase since September 2021. Its quantity has also reduced. That is, market participants were not interested in this. Now the stock has come out of the two-year pattern. In the coming days it can go up to 1000 rupees. Currently, Tata Consumer shares can be bought with a stop loss of Rs 790.
Tata Sons chairman N. Chandrasekaran had recently said that Tata Consumer Products is currently going through a transformational phase. The company is not only expanding into new categories but is also looking for new acquisition opportunities. The revenue of the company selling Tata tea and salt has increased by 11 percent.