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Tata Motors extends gain, surges 10% in one week

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Tata Motors is trading higher by 2% at Rs 304, extending its past four days gain after the company's UK subsidiary Jaguar Land Rover (JLR) reported a stronger-than-expected November sales.

The stock has outperformed the market by surging 10% in past one week compared to about 4% gain in auto sector index. The benchmark Sensex rose less than 1% during the same period.

“Tata Motors reported global wholesale sales of 102,337 vehicles in November 2012, against 108,028 numbers in previous year. Global sales of JLR however, up 19% at 34,649 vehicles in November over the previous year,” according to the press release.

Analyst at Anand Rathi Research have recommended BUY on the stock as the company expects more sales of Jaguar on the introduction of the XF and XJ models for 2013, including all-wheel drives and new engine options in all markets at the year end.

The stock opened at Rs 300 and hit a high of Rs 305 on the NSE. A combined 4.04 million shares have changed hands on the counter so far on both the exchanges.