JLR had another weak month (in February) with volumes declining 3 percent YoY at 39,911 vehicles compared to year-ago, which was lower than Nomura estimates of 42,000 vehicles.
Tata Motors shares touched fresh 52-week low of Rs 341.75, falling 1.8 percent intraday on Thursday but analysts maintained positive stance on the stock despite weak show by Jaguar Land Rover in February.
While maintaining Outperform call on the stock, Credit Suisse said JLR Volumes have been disappointing but domestic business doing extremely well.
Another global brokerage house Nomura also maintained its Buy call on the stock with a target price of Rs 526 per share as the stock looked attractive.
The research house said it sees downside risk to JLR wholesale growth target of 6.7 percent in FY18, but FY19 growth target of 12 percent for JLR wholesale would benefit from ramp-ups.
JLR had another weak month (in February) with volumes declining 3 percent YoY at 39,911 vehicles compared to year-ago, which was lower than Nomura estimates of 42,000 vehicles.
Except for XF (in China), all other models had double-digit declines. China volume was a bit softer than earlier as China had fewer working days.
At 15:14 hours IST, the stock price was quoting at Rs 345.55, down Rs 2.45, or 0.70 percent on the BSE.
