Deutsche upgrades Tata Motors shares, target price Rs 400

Reuters Posted online: Friday, Oct 04, 2013 at 0000 hrs
Deutsche Bank upgrades Tata Motors Ltd to "buy" from "neutral" and raises its target price to Rs 400 from Rs 275, citing an improving global economy.

"China and the U.S., which account for 45 percent of Jaguar Land Rover's volumes, have been particularly robust. For JLR, this has echoed in falling incentives, volume momentum and robust margins," Deutsche said in its report dated on Thursday.

Tata Motors shares are up 4.35 percent at 1016 am.