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Tata Motors rallies to record high on brokerage upgrades

Source : REUTERS
Last Updated: Wed, Jan 09, 2013 11:50 hrs
An engineer explains functions of a 3D design lab at Tata Motors plant in Pimpri

Tata Motors ended 4.2 percent higher on Wednesday after rising more than 5 percent during trade to a record high. Credit Suisse and CLSA upgraded their ratings on the stock, citing expectations for improving sales.

Credit Suisse raised Tata to 'outperform' from 'underperform', noting the automaker could post much-stronger-than-expected Range Rover sales, especially in China.

CLSA raised Tata to 'buy' from 'outperform', citing optimism about new product launches.

Tata shares ended up 4.2 percent at 327.35 rupees, after hitting a record high of 330.35 rupees.

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