Tata Motors - Ramp-up continues; wait for 2HFY14 - Kotak

JLR retail volumes in May 2013 grew by ~12% yoy, driven by strong momentum by the newly launched Range Rover and XF models. China and UK sales volumes were below expectations as the company begins to phase out the RR Sport model to launch the new RR Sport in August 2013. The China luxury car market grew by ~14% yoy, allaying concerns about a slowdown, and the Europe market posted growth after two months.

We retain our BUY rating with an unchanged target price of Rs350.

Source : Equity Bulls

Keywords