Tata Motors rallies to record high on brokerage upgrades

MUMBAI Wed Jan 9, 2013 5:08pm IST

1 of 2. An engineer works inside the noise testing chamber at Tata Motors plant in Pimpri, 160 km (99 miles) southeast of Mumbai, December 14, 2012.

Credit: Reuters/Danish Siddiqui/Files

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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)

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