Buy Tata Motors, target Rs 495; expect JLR volumes to increase by 9% in 2018-19: Nomura

Nomura has maintained buy rating on Tata Motors with a price target of Rs 495 per share.

The company's JLR US retail sales was better than expected at 17 percent in May 2018. Land Rover drives volume of the company, while Jaguar continued to remain weak, said Nomura.

The research firm expect 9 percent growth in overall JLR volumes in 2018-19.

The company has registered a strong growth of 58 percent in auto sales for May 2018, driven by solid performance of commercial and passenger vehicles business.

The Tata Group firm sold 54,295 units during the month against 34,461 units sold in same month last year.

Commercial vehicles sales during the month increased a whopping 56 percent YoY to 36,806 units.

At 10:36 hrs Tata Motors was quoting at Rs 291.25, up Rs 4.05, or 1.41 percent on the BSE.