Tata Motors shares gain 0.7%, heading for a third day of gains, after stronger-than-expected November sales at Jaguar Land Rover (JLR) reduced concerns about the outlook for the key unit of the Indian auto maker.
Tata Motors reported on Friday global wholesale sales of 102,337 vehicles in November, with JLR reporting sales of 34,649 vehicles.
Nomura says JLR's November sales reduce concerns about the unit after volumes had disappointed over the last few months, according to its note dated Friday.
Morgan Stanley says JLR volumes should continue to improve on the back of the introduction of a new Jaguar F-type model, whose production is set to begin in February, and gaining market share in China, JLR's major growth market.
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