Tata Motors hits record high; Citi raises target
Shares in Tata Motors gain as much as 3.1% to a record high of 434.30 rupees
By : DC Correspondent
Update: 2014-04-10 13:44 GMT
Mumbai: Shares in Tata Motors gain as much as 3.1 per cent to a record high of 434.30 rupees, after Citigroup raises its price target on the stock to 486 rupees from 421 rupees, citing the outlook for the automaker's luxury unit Jaguar Land Rover (JLR).
Citi stated that JLR is poised to become the world's fourth biggest luxury carmaker on the back of new launches in the next 15-18 months. It also further stated that JLR will benefit from China's growing luxury car market, which the investment bank estimates will grow at around 15 per cent over the next two years.
‘JLR, via its joint venture in China, could sell around 160,000 units by fiscal year 2016, implying an around 8 percent market share,’ according to Citi.