Tata Motors has moved higher by 4% to Rs 416, also its record high on the National Stock Exchange (NSE). The stock opened at Rs 410 and hit a low of Rs 404 so far. At 1040 hours, a combined 5.2 million shares have already changed hands on the counter against an average sub 7 million shares that were traded daily in past two weeks on the NSE and BSE.
According to media reports, the country’s largest automobile company is exploring the possibility of setting up a manufacturing plant for Jaguar and Land Rover (JLR) in Saudi Arabia.
Meanwhile, the auto stock has outperformed the market by surging 15% since announcement of December quarter earnings (Q3FY14) on February 10. The benchmark S&P BSE Sensex has gained 3.4%, while auto index up 6% during the same period.
Tata Motors had reported extremely strong financial performance at its JLR business in Q3FY14, as JLR recorded 390 basis points year-on-year (YoY) improvement in EBIDTA margin on account of 23% YoY growth in volume resulting in sales of 116,357 units.
Analyst at Karvy Stock Broking reiterates “BUY” recommendation on the stock and maintain price target at Rs 462 per share.
Analyst expect JLR to sustain its strong performance driven by continued momentum in the global luxury vehicle market and aided further by the strong product launch pipeline and the success of the newly launched models.
According to media reports, the country’s largest automobile company is exploring the possibility of setting up a manufacturing plant for Jaguar and Land Rover (JLR) in Saudi Arabia.
Meanwhile, the auto stock has outperformed the market by surging 15% since announcement of December quarter earnings (Q3FY14) on February 10. The benchmark S&P BSE Sensex has gained 3.4%, while auto index up 6% during the same period.
Tata Motors had reported extremely strong financial performance at its JLR business in Q3FY14, as JLR recorded 390 basis points year-on-year (YoY) improvement in EBIDTA margin on account of 23% YoY growth in volume resulting in sales of 116,357 units.
Analyst at Karvy Stock Broking reiterates “BUY” recommendation on the stock and maintain price target at Rs 462 per share.
Analyst expect JLR to sustain its strong performance driven by continued momentum in the global luxury vehicle market and aided further by the strong product launch pipeline and the success of the newly launched models.