"My main worry is the imminent slowdown in the western economies and what impact that will have on IT outsourcing. If these companies remain totally immune to that, then that call was totally wrong and these could become huge performers next year. But I would not bet on it. So what this result commentary and the buyback does is that it reduces downside risk. But it does not open up a very significant upside potential in my view."

CLSA maintained an outperform rating on Tata Motors with a target price of Rs 473. The company's near-term demand for CVs is strong but the cycle may peak in FY25. The stock’s standalone business firing on all cylinders and new launches to aid market share improvement, it said.

A total of 9,892 shares changed hands on the counter till 12:12PM (IST)

The stock traded at a P/E multiple of 33.07, while the price-to-book value ratio stood at 0.0.

As of 30-Jun-2022, promoters held 54.9 per cent stake in the company, while FIIs held 18.21 per cent and domestic institutional investors had 11.55 per cent.

Both its top line and bottom line were above the ET Now poll estimates of Rs 3,320 crore and Rs. 476 crore, respectively.

A total of 4,395 shares changed hands on the counter till time (IST).

The company has been given a four month period for the completion of the order, which is to be executed by February 9, 2023, the company said in the exchange filing.

The stock traded at a P/E multiple of -14.55, while the price-to-book value ratio stood at 2.79.