Tata Motors hits new high
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Tata Motors has rallied 2% to Rs 495, also its record high on BSE, extending its rally on the bourses.
In past one week, the stock surged 14% from Rs 433 on August 8, after reporting a robust earnings for the quarter ended June 2014 on back of strong sales of luxury Jaguar and Land Rover (JLR). The benchmark S&P BSE Sensex gain 3.3% during the same period.
The country’s largest automaker by revenue reported consolidated net profit of Rs 5,398 crore, the highest in nine quarters, compared with Rs 1,726 crore in a year ago quarter.
Operating margins at its JLR business rose to 20.3% from 15.8% a year ago.
Surjit Arora analyst at Prabhudas Lilladher maintains ‘Accumulate’ rating on the stock with a revised target price of Rs 521.
“We have revised our earnings estimates upwards by 9?10% taking into account the strong performance at JLR,” says analyst in a report.
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President William Ruto in a state of the nation address said the decision was made based on new information provided by our investigative agencies and partner nations. He didn't specify the United States.
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