Tata Motors has moved higher by 4% to Rs 293 after its UK-based subsidiary Jaguar Land Rover Limited (JLR) recorded a strong growth in retail sales in May 2013.
JLR has registered a strong retail volume growth of 12.3% year-on-year (YoY) and 13.9% month-on-month (MoM) to 32,477 units in May 2013, which was better-than-expected, driven by continued momentum in the recently launched models.
Geographically, JLR volumes grew in every major region with Asia Pacific, Europe, China and North America registering growth of 41%, 16%, 11% and 10% yoy respectively.
"We retain our positive view on JLR and expect a 13 per cent volume CAGR over FY2013-15E, driven by continued momentum in the luxury vehicle market, coupled with the strong product launches," said the Angel Broking note.
The brokerage firm maintains their 'Buy' rating on the stock with a sum-of-the-parts (SOTP) target price of Rs 347.
Meanwhile, in a regulatory filing, Tata Motors said that Tata Sons, the promoter of the company released 15 million pledge shares.
The stock opened at Rs 288 and touched high of Rs 294 on BSE. A combined 2.08 million shares have changed hands on the counter so far on BSE and NSE.
JLR has registered a strong retail volume growth of 12.3% year-on-year (YoY) and 13.9% month-on-month (MoM) to 32,477 units in May 2013, which was better-than-expected, driven by continued momentum in the recently launched models.
Geographically, JLR volumes grew in every major region with Asia Pacific, Europe, China and North America registering growth of 41%, 16%, 11% and 10% yoy respectively.
"We retain our positive view on JLR and expect a 13 per cent volume CAGR over FY2013-15E, driven by continued momentum in the luxury vehicle market, coupled with the strong product launches," said the Angel Broking note.
The brokerage firm maintains their 'Buy' rating on the stock with a sum-of-the-parts (SOTP) target price of Rs 347.
Meanwhile, in a regulatory filing, Tata Motors said that Tata Sons, the promoter of the company released 15 million pledge shares.
The stock opened at Rs 288 and touched high of Rs 294 on BSE. A combined 2.08 million shares have changed hands on the counter so far on BSE and NSE.
