Tata Motors hits new high on robust JLR sales in FY14

For FY2014, Jaguar and Land Rover has registered a robust growth of 15.9% yoy to 434,311 units.

Tata Motors is trading higher by 1.4% at Rs 438, also its record high on the BSE, after Jaguar and Land Rover (JLR), its British-based arm, registered a 2.7% year-on-year (yoy) growth in retail sales in March 2014; primarily due to sluggish off-take in old model.

However, for FY2014, JLR registered a robust growth of 15.9% yoy to 434,311 units riding on the back of strong momentum in recently launched models.

Analyst at Angel Broking expects JLR to sustain its strong performance driven by continued momentum in the global luxury vehicle market, success of the recently launched models and strong product launch pipeline.

Meanwhile, Citigroup raises its price target on the stock to Rs 486 from Rs 421, citing the outlook for the JLR, the Reuters report suggests.