Tata Motors gained 2.29% to Rs 296.50 at 12:03 IST on BSE after a foreign brokerage added that the stock to its Asia-Pacific conviction buy list and raised its sum-of-the-parts target price.
Meanwhile, the S&P BSE Sensex was down 99.78 points or 0.51% at 19,648.11.
On BSE, 1.69 lakh shares were traded in the counter as against an average daily volume of 8.91 lakh shares in the past one quarter.
The stock hit a high of Rs 297 and a low of Rs 288.25 so far during the day. The stock had hit a 52-week high of Rs 337.05 on 10 January 2013. The stock had hit a 52-week low of Rs 202.95 on 26 July 2012.
The stock had underperformed the market over the past one month till 26 July 2013, rising 6.09% compared with the Sensex's 6.45% rise. The scrip had also underperformed the market in past one quarter, falling 2.16% as against Sensex's 2.39% rise.
The large-cap company has an equity capital of Rs 643.72 crore. Face value per share is Rs 2.
A foreign brokerage added that the Tata Motors stock to its Asia-Pacific conviction buy list and raised its sum-of-the-parts target price. The foreign brokerage says it sees three key catalysts for the stock, including improving market confidence on the auto maker's cash flow and profitability. It also cites the introduction of new models at unit Jaguar Land Rover, including Discovery and new Range Rover and Evoque units, and improved delivery to key markets such as Great Britain and China on the back of increased production.
Tata Motors unveils Q1 June 2013 results on 7 August 2013. The company's consolidated net profit declined 36.7% to Rs 3945.47 crore on 10.3% growth in net sales to Rs 55841.50 crore in Q4 March 2013 over Q4 March 2012.
Tata Motors is India's largest automobile company, with consolidated revenues of Rs 1,88,818 crore ($34.7 billion) in 2012-13. Through subsidiaries and associate companies, Tata Motors has operations in the UK, South Korea, Thailand, Spain, South Africa and Indonesia. Among them is Jaguar Land Rover, the business comprising the two iconic British brands. It also has an industrial joint venture with Fiat in India. With over 7.5 million Tata vehicles plying in India, Tata Motors is the country's market leader in commercial vehicles and among the top in passenger vehicles. It is also the world's fourth largest truck and bus manufacturer. Tata cars, buses and trucks are being marketed in several countries in Europe, Africa, the Middle East, South Asia, South East Asia, South America, CIS and Russia.
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