Tata Motors up on optimism about JLR sales outlook
Mumbai: Shares of Tata Motors gained as much as 5.2 percent on Thursday on hopes that higher sales at its Jaguar Land Rover unit, especially in China, would help offset declining sales in its home market.
Nomura upgraded the stock to "buy" from "neutral" saying that JLR's China volumes should improve as the company resolves production issues, while an improving US outlook was a positive for the luxury auto market.
On Wednesday the auto maker posted a drop in first-quarter profit, but posted higher margins and China sales for JLR were encouraging for investors.
Tata Motors shares were up 3.5 percent at 09:47 a.m., outperforming a 0.4 percent gain in the Nifty.