The stock has now gained 11% in the last four trading sessions.
Shares of India’s largest IPO till date have now made a new post-listing high of ₹2,144 on Wednesday, a 9% return from the IPO price of ₹1,960.
Hyundai Motor India shares had closed above their IPO price for the first time since listing on Friday, June 20.
Brokerage firm Avendus Spark initiated coverage on the stock on Wednesday, with a “buy” recommendation and a price target of ₹2,350, indicating further upside from current levels.
Nomura also maintained its “buy” recommendation on Hyundai Motor India with a price target of ₹2,291.
In fact, both Avendus Spark and Nomura have the highest price targets on the street for Hyundai Motor India.
CNBC-TV18 had reported on Tuesday that the company’s Chennai plant is not impacted operationally during the ongoing wage negotiations with workers.
Sources had said that Hyundai and the company’s recognised workers union – UUHE, are likely to arrive at an agreement on the long-term wage settlement soon.
Out of the 24 analysts that have coverage on Hyundai Motor India, 20 of them have a “buy” rating on the stock, three say “hold” and one has a “sell” rating on India’s largest IPO.
Shares of Hyundai Motor India are trading 2.8% higher at ₹2,129.7. The stock has risen 13% in the last one month and now has an overall market capitalisation of ₹1.7 lakh crore.
