Shares in Tata Motors Ltd gained as much as 5.2% on Thursday on hopes that higher sales at its Jaguar Land River unit, especially in China, would help offset declining sales in its home market.
Nomura upgraded the stock to "buy" from "neutral" saying that JLR's China volumes should improve as the company resolves production issues, while an improving US outlook was a positive for the luxury auto market.
On Wednesday the auto maker posted a drop in first-quarter profit, but posted higher margins and China sales for JLR were encouraging for investors.
Tata Motors shares were up 3.5% at 0947 India time (0417 GMT), outperforming a 0.4% gain in the broader NSE index.
Nomura upgraded the stock to "buy" from "neutral" saying that JLR's China volumes should improve as the company resolves production issues, while an improving US outlook was a positive for the luxury auto market.
On Wednesday the auto maker posted a drop in first-quarter profit, but posted higher margins and China sales for JLR were encouraging for investors.
Tata Motors shares were up 3.5% at 0947 India time (0417 GMT), outperforming a 0.4% gain in the broader NSE index.
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