Rakesh Jhunjhunwala's Multibagger automobile stock hits 52-week high on outstanding results; declares stellar dividend!

Watch out for top 6 mutual funds that would be in focus now!

On Friday, the Indian indices ended the day higher. BSE Sensex Index was up by 0.20 per cent and NSE Nifty-50 Index was up 0.097 per cent.

There was one stock which was trending on the domestic equity bourses on Friday. Shares of Tata Motors Ltd surged 1.71 per cent to make a new 52-week high of Rs 520.50 per share. At the closing bell, shares of the company were in green, up 0.78 per cent to Rs 515.65 per share.  

The stock is hitting back-to-back 52-week highs because of upcoming results. On May 12, post market hours the company announced its Quarterly Results (Q4) and annual results (FY23), wherein it reported outstanding numbers.

The net sales increased by 35.05 per cent and net profit increased by 591.62 per cent in Q4FY23 over Q4FY22. In FY23, net sales increased by 24.25 per cent and net profit rose by 120.95 per cent over FY22.

Additionally, the company has declared a final dividend of Rs 2 per ordinary share of Rs 2 each (100 per cent of face value) and Rs 2.10 per ‘A’ ordinary share of Rs 2 each (105 per cent) for the financial year ended March 31, 2023. The company fixed the record date as Monday, August 14, 2023.

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Tata Motors Ltd a multinational conglomerate of Tata Group, is a leading global automobile manufacturer. The company has embarked on a series of significant initiatives to expand its operations and foster substantial growth in the forthcoming years. Rekha Jhunjhunwala, the late Indian investor Rakesh Jhunjhunwala's wife, owns a 1.57 per cent stake in the company as of March 2023.

The stock is up by 7.10 per cent in just 5 days, 19 per cent in 6 months, 28 per cent in one year and over 500 per cent in just 3 years.

Top 6 Mutual Funds in focus are:

Tata Motors, a Rakesh Jhunjhunwala’s portfolio stock should be kept under the radar.