Goldman adds Tata Motors to "conviction buy list"

Goldman Sachs adds Tata Motors to its Asia-Pacific "conviction buy list" and raises its sum-of-the-parts target price on the stock to Rs 368  from Rs 361 .

Goldman says it sees three key catalysts for Tata Motors shares, including improving market confidence on the auto maker's cash flow and profitability.

Goldman also cites the introduction of new models at unit Jaguar Land Rover, including Discovery and new Range Rover and Evoque units, and improved delivery to key markets such as Great Britain and China on the back of increased production.

Tata Motor shares gained 1.64% to Rs 294.70 .