Tata Motors rallies to record high on brokerage upgrades
MUMBAI (Reuters) - Tata Motors(TAMO.NS) ended 4.2 percent higher on Wednesday after rising more than 5 percent during trade to a record high. Credit Suisse and CLSA upgraded their ratings on the stock, citing expectations for improving sales.
Credit Suisse raised Tata to 'outperform' from 'underperform', noting the automaker could post much-stronger-than-expected Range Rover sales, especially in China.
CLSA raised Tata to 'buy' from 'outperform', citing optimism about new product launches.
Tata shares ended up 4.2 percent at 327.35 rupees, after hitting a record high of 330.35 rupees.
(Reporting by Manoj Dharra and Rafael Nam; Editing by Anand Basu)
- Tweet this
- Share this
- Digg this
- Israel extends Gaza ceasefire for 24 hours, Hamas rejects terms
- L&T Q1 revenue $3.2 billion, beats analyst estimates
- "Lucy" box office bonanza lifts Besson fortune by $5 mln
- Australia approves Adani's $16 bln Carmichael coal project
- UPDATE 5-Hague court orders Russia to pay over $50 bln in Yukos case
Indian conglomerate Larsen & Toubro said on Monday revenue totalled 191.23 billion Indian rupees ($3.2 billion) in the first quarter, beating analyst forecasts, after a rise in orders from international clients. Full Article