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  1. Nomura, Macquarie cheer for Tata Motors on stellar Jaguar Land Rover sales

Nomura, Macquarie cheer for Tata Motors on stellar Jaguar Land Rover sales

After Jaguar Land Rover on Thursday reported a 10 percent growth in November sales driven primarily by the introduction of the new Land Rover Discovery and the Range Rover Vela, the global brokerages offered a thumbs up to the Tata Motors scrip.

By: | Published: December 8, 2017 1:24 PM
Tata Motors, electric vehicles by Tata Motors, Ministry of Power, Energy Efficiency Services, EESL, Guenter Butschek Credit Suisse maintains ‘outperform’ rating on the stock and sets a target price of Rs 560. (Image: Reuters)

After Jaguar Land Rover on Thursday reported a 10 percent growth in November sales driven primarily by the introduction of the new Land Rover Discovery and the Range Rover Vela, the global brokerages offered a thumbs up to the Tata Motors scrip. The share was trading at Rs 409.70 on BSE at 12:30 pm on Friday. Here is how global brokerages have rated Tata Motors’ stock on Friday:

Nomura: The global brokerage maintains ‘buy’ rating on the Tata Motors stock with a SOTP-based target price of Rs 531. It implies an upside of nearly 29 percent from the current market price. The SOTP or sum-of-parts value of a publicly traded company derives the value of a stock by analyzing each business segment of a company independently. This is usually applied to large-cap stocks that are likely to operate in several different markets or industries. Nomura predicts November global sales of the company to be up 10 percent year-on-year.

Macquarie: Macquarie maintains ‘outperform’ rating on the stock and sets a target price of Rs 525. It implies an upside of 28 percent from the current market price. The global brokerage house expects the current product momentum to remain strong and believes company’s growth in China will continue to remain strong.

Credit Suisse: Credit Suisse maintains ‘outperform’ rating on the stock and sets a target price of Rs 560.  It implies an upside of nearly 37 percent from the current market price. The agency expects the growth to further pick up with the launch of E-Pace.

In the quarter ended September, Tata Motors Ltd.’s profit rose threefold, the most in six quarters, as its British subsidiary Jaguar Land Rover reported wider-than-expected margins. Consolidated net profit of the passenger and commercial vehicle maker stood at Rs 2,483 crore. Revenue rose 11.3 percent year-on-year to Rs 70,690 crore. That compares with analysts’ projection of Rs 68,900 crore. Revenue was lower by Rs 2,393 crore than what the company expected as the pound weakened against the rupee during the quarter. The stock is down by nearly 16 percent since January this year.

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