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Research
Nomura revises target price of Tata Motors to Rs. 304
Posted On : 2013-02-16 03:48:41( TIMEZONE : IST )
Nomura has maintained Neutral rating on Tata Motors Limited and revised the target price from Rs. 284 to Rs.304.
Tata Motors' 3QFY13 adj PAT of INR18.1bn was below our INR25.3bn estimate and consensus of INR24.8bn. JLR's PAT at GBP296mn was in line, but a domestic net loss at INR4.5bn was significantly below our estimate (loss of INR1.4bn). Margins for JLR at 14% were in line, while those for the stand-alone business at 1.4% were a negative surprise (NMR est: 4.4%).
Stronger-than-estimated success of new models could be a positive. Clampdown on luxury segment in China could be a risk.
