Mumbai: Shares in Tata Motors gained as much as 2 percent after its luxury unit Jaguar Land Rover reported on Wednesday that retail sales rose 14 percent to 30,487 vehicles, boosted by a 44 percent rise in China.
Macquarie, in an email to clients, called the sales growth in China "very strong" .
"We like Tata Motors for its JLR business, which is in the midst of a favourable model cycle," Macquarie said. "Demand for higher-margin models - Range Rover and RR Sport - remains strong, with wait-lists spanning up to six months," it said.
Shares in Tata Motors were up 1 percent at 393 rupees at 12:43 p.m.