Broker's Call: Nomura neutral on Tata Motors
Other luxury OEMs like Mercedes and Audi also reported strong growth while BMW’s volumes were flattish.
By ET Bureau |
Nomura Equity Research has maintained its ‘Neutral’ rating on Tata Motors with a target price of Rs 304. JLR’s retail sales volume in the US increased 18 per cent y-y in Feb-13. Jaguar volumes increased 12 per cent y-y while Land Rover volumes increased 20 per cent y-y, led largely by strong growth in Evoque and the new Range Rover (up 37-38 per cent y-y). Other luxury OEMs like Mercedes and Audi also reported strong growth while BMW’s volumes were flattish. We note that there was one selling day lower this year as compared to last year.We believe that numbers are strong but on expected lines,” Nomura said.
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