Buy Tata Motors, target Rs 524: Motilal Oswal
Tata Motors May-16 sales volumes grew marginally by 1.5 per cent YoY (1.7% MoM) to 40,071 units (v/s est 44,050 units) led by strong HCV sales while LCV sales were flat.
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| Updated: Motilal Oswal maintains buy rating on Tata Motors with a 12-month target price of Rs 524. The stock trades at 10.6x/8.4x FY17E/18E consolidated EPS respectively.
Tata Motors May-16 sales volumes grew marginally by 1.5 per cent YoY (1.7% MoM) to 40,071 units (v/s est 44,050 units) led by strong HCV sales while LCV sales were flat.
"Our FY17 estimates indicate a 20.6 per cent growth implying a 23.4 per cent residual growth or 54k/month of run rate," said the brokerage note. M&HCV sales grew 24.2 per cent YoY to 15,276 units (v/s est 14,500 units).
Tata Motors May-16 sales volumes grew marginally by 1.5 per cent YoY (1.7% MoM) to 40,071 units (v/s est 44,050 units) led by strong HCV sales while LCV sales were flat.
"Our FY17 estimates indicate a 20.6 per cent growth implying a 23.4 per cent residual growth or 54k/month of run rate," said the brokerage note. M&HCV sales grew 24.2 per cent YoY to 15,276 units (v/s est 14,500 units).
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