Monday, March 1, 2010

Buy Tata Motors

Company: Tata Motors
Broking House: JP Morgan
Rating: Overweight Price Target: Rs 825

The consolidated results of Tata Motors were a positive surprise, says JP Morgan in its note. The reported profit of Rs 650 crore was driven by improved performance of JLR, which recorded a profit of £55 million. JLR saw a total volume of 56,700 during December quarter versus sale of 44,300 units for the September quarter. The management too has given a positive outlook for the year, guided by the recovery in volumes and the soon to be launched premium Jaguar XJ. JP Morgan has retained its overweight rating on the company as it expects better volume domestically and internationally. The brokerage also expects a sharp impro-vement in cash flows and the gearing for the firm.

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