Tata Motors At Record High: Here's what is working for Nifty 50's top gainer of 2023

Debt Reduction: JLR has also managed to reduce its debt by £300 million and also expects to reduce net debt to £1 billion by the end of financial year 2024. CLSA expects the company to turn net cash positive by financial year 2025.

Tata Tech IPO: Tata Motors is also in focus because of the Tata Technologies IPO, which has opened for subscription on Wednesday. The company, being a majority shareholder in Tata Technologies, will be offloading 4.62 crore shares in Tata Technologies. At the upper end of the price band, the company may fetch 2,310 crore through this stake sale.

"Good performance on Tata Motors but what we have to actually keep on looking out for is basically a couple of things. One is obviously the cash flows. So they have been guiding for strong free cash flow. And yes, at the moment the numbers are strong, so one can keep on accumulating at these prices," Nischal Maheshwari told CNBC-TV18 on November 3.

Ajay Bodke, Market expert had said last month that the company's India Business is doing well both in terms of CV as well as the passenger vehicles. "Not a bad place to be in for at least a 15-20% one year return from hereon Tata Motors," he said. The stock has risen 5.7% over the last one month.

Out of the 35 analysts that track Tata Motors, 28 have a "buy" recommendation, three have a "hold" rating, while four have a "sell" call. Incidentally, CLSA's price targt of ₹841 per share is the highest on the street for Tata Motors.

Shares of Tata Motors are off opening highs, but are trading 0.3% higher at 683.85.