Tata becomes India’s most valued automaker by market capitalisation

Tata Motors' global wholesales increased 9 percent year-on-year; holds over 80 percent market share in the Indian EV space.

Published On Jan 31, 2024 11:50:00 AM

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Tata becomes India’s most valued automaker by market capitalisation

Tata Motors Ltd has surpassed Maruti Suzuki India Ltd on the stock market to become the most valued automaker in India in terms of market capitalisation. As per Tuesday’s closing price on the National Stock Exchange (NSE), the combined market capitalisation of Tata Motors and Tata Motors DVR shares stood at Rs 3.17 lakh crore, compared with Rs 3.13 lakh crore for Maruti Suzuki.

Tata Motors shares scaled new highs
Global wholesales hit 3,38,177 units in October-December 2023 quarter
Tata EV portfolio to expand with four new models by 2025

Tata Motors topped after the automaker’s shares rose as much as 5.3 percent to Rs 885.95 in yesterday’s intra-day trading before settling at Rs 864.90. Tata Motors' DVR also scaled a new high of Rs 589.40 and closed at Rs 572.60 on Tuesday. Shares of India’s largest passenger carmaker Maruti Suzuki closed at Rs 9,950 yesterday.

DVR refers to differential voting right, which is a special class of shares issued by the company that carry different voting and dividend rights compared to the regular equity shares. Tata Motors was the first company to issue DVR shares on the Indian stock exchange. DVRs were issued in November 2008 to fund the company’s USD 2.3 billion (about Rs 19,109 crore) acquisition of Jaguar Land Rover from Ford Motors.

So far this year, shares of Tata Motors gained around 10 percent, while those of Maruti Suzuki lost 3.4 percent. Promoters and promoter groups of Tata Motors hold 46.3 percent shares of the company, while the public holds the rest. In July, the automaker announced its plans to cancel DVR shares and issue seven new ordinary shares for every 10 DVRs, in a bid to simplify its capital structure. The cancellation is expected to be completed by the middle of the next financial year.

Tata Motors sales

Tata Motors is currently the largest commercial vehicle maker and third largest passenger vehicle manufacturer in the country. The group’s global wholesales, including Jaguar Land Rover, rose 9 percent year-on-year during the October-December quarter to 3,38,177 units. The automaker is also the market leader in the domestic electric car market with a share of over 80 percent. It sold 69,153 electric passenger vehicles in the calendar year 2023.

Tata Motors future models

The company has planned two pure electric vehicle architectures in the coming year, eyeing a portfolio of ten electric vehicle models. It will share Jaguar Land Rover’s premium EMA electric vehicle architecture for the Avinya range of cars while it has introduced an all-new pure EV compact vehicle architecture called Acti.EV, which will power the upcoming Harrier, Curvv and Sierra. The recently launched Punch EV and the upcoming Altroz EV are also based on the Acti.EV platform.

Also see:

Tata Punch EV review: Feels like a mini-Nexon EV

Tata Motors lines up four new EV launches

Tata Curvv to get Nexon's 1.5-litre diesel powertrain