Nomura Remains Neutral on Tata Motors

JLR's US retail volumes increased by 20% y-y in Sep-12. The sales of Evoque was at 559 units in Sep-12 and the sales of olders models were up by 6%.

The research firm has considered flat volumes for models ex-Evoque in the US for JLR in FY13F as compared to around a 3% decline in volumes so far (FYTD- Apr-Sep).

The target for Tata Motors is maintained at Rs.261.

Source : Equity Bulls

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