Tata Motors stock rallied over 10 per cent on the Bombay Stock Exchange (BSE) on Thursday and hit a three-year high of Rs 369.60. On the National Stock Exchange (NSE), it was trading at Rs 373.35 at 1.30 pm, up over 11 per cent.
The Tata Group stock, which is a key part of ace investor Rakesh Jhunjhunwalas portfolio, opened on a positive note and surged during the afternoon session.
Shares of Indian automakers have rebounded recently after hitting multi-year lows and Morgan Stanley believes that Tata Motors will see the highest operating and financial leverage gains.
Another Tata Group stock, Titan’s share price surged over 10% to ?2,384.25 a piece.
Jhunjhunwala’s biggest stock bet, Titan added Rs 17,770 crore to its market capitalisation within 10 minutes into Thursday’s trading, taking the value of Jhunjhunwala’s stake to over Rs 850 crore, and his days earning’s to over a 1000 crore!