Limited downside in Tata Motors: Baliga

Ambareesh Baliga of Karvy Stock Broking is of the view that in Tata motors there is not much more of a downside from here.

Baliga told CNBC-TV18, "The slowdown is there to stay for a while and I think this is decently discounted in Tata Motors price. The stock price is nearly halved in the past couple of months and this JLR deal, it was expensive no doubt, but it should be good in the long run as far as Tata Motors is concerned. We shouldn’t forget the launch of Nano, which should happen something towards this year-end. I think this will be one of the major triggers for Tata Motors going ahead. It’s not only because of the Indian sales but because of the sort of interest, which Nano has created across the world."

He further added, "The demand for that car should be excellent going ahead. Right now it’s quoting closer to Rs 385, it’s decently discounted as far as the slowdown and everything is concerned. So I really don’t see much more of a downside from here possibly I mean looking at the way the markets are, you really can’t rule out levels of around Rs 340-350 but surely this is not a level to sell-off Tata Motors."

Disclosure: Analyst doesn't have a personal holding in the above stock.