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Tata Motors' global sales grow by 9% in March 2011
Tata Motors reported 9% yoy (8.2% mom) growth in its global sales volumes for March
2011 to 110,785 units. Growth performance during the month was led by strong 19% yoy
growth in the commercial vehicles segment. Sales of luxury brands Jaguar and Land Rover
(JLR) posted 2% yoy growth (11.3% mom) to 24,101 units. Jaguar sales came in slightly
lower than expected, while Land Rover sales were better than our estimates. Jaguar sales
declined by 19% yoy (up 17.4% mom) to 3,772 units, whereas Land Rover sales gained 8%
yoy (10.2% mom) to 20,329 units. Going ahead, we expect JLR to maintain its volume
growth, owing to the momentum in the luxury car market globally and specifically in the
US and China. We maintain our Buy rating the stock with an SOTP target rice of `1,456.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Tata Motors' global sales grow by 9% in March 2011
Tata Motors reported 9% yoy (8.2% mom) growth in its global sales volumes for March
2011 to 110,785 units. Growth performance during the month was led by strong 19% yoy
growth in the commercial vehicles segment. Sales of luxury brands Jaguar and Land Rover
(JLR) posted 2% yoy growth (11.3% mom) to 24,101 units. Jaguar sales came in slightly
lower than expected, while Land Rover sales were better than our estimates. Jaguar sales
declined by 19% yoy (up 17.4% mom) to 3,772 units, whereas Land Rover sales gained 8%
yoy (10.2% mom) to 20,329 units. Going ahead, we expect JLR to maintain its volume
growth, owing to the momentum in the luxury car market globally and specifically in the
US and China. We maintain our Buy rating the stock with an SOTP target rice of `1,456.
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