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Nomura retains buy on Tata Motors
Jaguar Land Rover surprised with a strong 55 per cent year-on-year growth in September wholesale, even as retail sales remained muted (3% y-y). The key surprise was in Land Rover which reported sharp 58 per cent growth. Volumes were helped by resolution of production constraints and improved Discovery Sport and Jaguar XE production. Management reiterated its target of nearly 5,00,000 units in FY16.