Credit Suisse raises Tata Motors, cuts Mahindra & Mahindra

Reuters Market Eye - Credit Suisse upgrades Tata Motors Ltd to "outperform" from "neutral." Says near-term concerns on factors such as volume abating.

Says Tata Motors shares have under-performed the auto sector recently and the "long-term story remains promising."

But Credit Suisse downgrades Mahindra and Mahindra to "neutral" from "outperform."

Says Mahindra's valuations are no longer "attractive."

Tata Motors shares gain as much as 0.5 percent to a record high at 542.60 rupees.

The stock gives up gains, last down 0.75 percent.

The shares have surged over 8 percent in last four sessions.

Mahindra and Mahindra shares are down 1.6 percent.

(abhishek.vishnoi@thomsonreuters.com / abhishek.vishnoi.thomsonreuters.com@reuters.net)