Brokers’ call: Nomura neutral on Tata Motors

Nomura retained ‘Neutral’ rating on Tata Motors on higher sales volumes by the company’s Jaguar Land Rover subsidiary reported for August. Volumes were “much improved” as sales in the US grew 32 pc year-onyear after four months of weak growth, analysts at Nomura said.

The analysts are building in flat for JLR models except Evoque in 2012-13, compared to a 6 pc y-o-y decline in volumes thus far in the 2012-13 year.