Auto major Tata Motors' market capitalisation crossed the four trillion mark for the first time. The auto stock surged over 6% to close the day at Rs 1,091.
The rally was on the back of an upgrade by broking firm Nomura, which revised its rating for the auto company from 'Neutral' to 'Buy' and increased its price target by 26% to Rs 1,294 from Rs 1,141.
Nomura's positive outlook is based on the belief that Jaguar Land Rover's (JLR) performance could significantly benefit Tata Motors' stock. The brokerage also highlighted the potential value that could be unlocked by Tata Motors' plan to demerge its passenger vehicle (PV) and commercial vehicle (CV) businesses.