Tata Motors Surges On Strong JLR Sales, Brokerage Upgrade

Shares of Tata Motors surged as much as 7.23 per cent to hit intraday high of Rs 543 after the automaker's luxury unit Jaguar Land Rover reported record October sales.

Tata Motors in a press release said, "Jaguar Land Rover, the UK's leading manufacturer of premium luxury vehicles, reported its best ever October retail sales of 46,325 vehicles, up 11 per cent compared to October 2015." 

Jaguar Land Rover's strong performance was driven by strong sales of the Land Rover Discovery Sport, Range Rover Evoque, Jaguar XF and the introduction of the Jaguar F-PACE, as well as strong year on year sales growth in China and Europe.

Meanwhile, global brokerage Credit Suisse has upgraded Tata Motors to 'outperform' from 'neutral' for target price of Rs 720. It says depreciation in sterling will drive 'multiyear outperformance' in its shares. Tata Motors is Credit Suisse's top pick among Indian auto shares.

Shares of Tata Motors closed 6.69 per cent higher at Rs 540.2, outperforming the Nifty which ended 0.55 per cent higher.