Tata Motors has surged over 3% at Rs 326, its record high on the Bombay Stock Exchange on reports that global research firms CLSA and Credit Suisse upgraded their ratings on the stock.
CLSA has upgraded Tata Motors from "buy" to "outperform" with a price target of Rs 385, while Credit Suisse has upgraded the stock to "outperform" from "underweight" and raised its target price on the stock to Rs 390 from Rs 226 citing the likelihood of higher Range Rover volumes.
Meanwhile, analyst at Angel Broking has recommended ACCUMULATE on the stock by retaining positive view on JLR and expect a 12% volume CAGR (compound annual growth rate) over FY2012-14E driven by Evoque and new product launches (Range Rover, Range Rover Sport, Jaguar XF Sportbrake and all-wheel drive and smaller engine options in the XF and XJ models).
The stock of India’s biggest commercial vehicles maker has rallied 18% since December 12, compared to 2.2% rise in benchmark Sensex after the company's UK subsidiary Jaguar Land Rover (JLR) reported a stronger-than-expected November sales.
The auto maker will announce its Group global wholesales vehicle sales numbers on or before January 15, 2013.
The stock opened at Rs 318 and has seen a combined 3.9 million shares changing hands on the counter so far on both the exchanges.