Reduce target price for Tata Motors to Rs 291 from Rs 313: Mahantesh Sabarad
PUBLISHED ON: May 30, 2012 | Duration: 11 min, 23 sec
Shares of Tata Motors saw tremendous selling on Wednesday on the back of lower-than-expected growth in margins of luxury brands Jaguar Land Rover (JLR) in the March quarter. Mahantesh Sabarad, Senior Vice President - Equity Research at Fortune Equity Brokers advises reducing the target price for the stock to Rs 291 from Rs 313. "Rewards on this stock are less compelling at the current levels," he added.