Maintain 'hold' on Tata Motors - Geojit BNP Paribas Financial Services

- Apart from margins in the JLR business, most data points during the quarter were below expectations.

- Profitability of the standalone business, revenue per vehicle in JLR and overall tax provision were the key areas of negative surprise, resulting in overall earnings falling 18% short of analysts' expectations.

- As the response to new product launches are fairly encouraging and the company is running extra shifts to meet demand, our JLR estimates are adjusted resulting in an overall increase in earnings estimate of 3% for FY14-15.

- However, these estimates are still 15% below consensus for FY13-14.

- Retain 'hold' rating with a target price of Rs.300, implying only marginal upside potential.

Source : Equity Bulls

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