| In a report released on July 27, the brokerage said: "We continue to find Tata Motors' stock to be attractively priced at 13.8x FY07E and 11.5x FY08E consolidated earnings. Excluding the value of its subsidiaries and investment portfolio, the price is discounting core business earnings at 12.3x FY07E and 10.4x FY08E. Given the continued buoyancy in CV sales, expected launches of several new passenger vehicles, hive-off of the finance business, and the recent tie up with Fiat, we find these levels attractive and strongly reiterate 'BUY'. |
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