Anand Rathi Securities has recommended a buy rating on Tata Motors, with price target of Rs 672, in its report dated November 3, 2009. The stock closed at Rs 575.65 on November 5, 2009.

"In Oct ’09, Tata Motors’ volume increased 34.4% yoy (and 1.7% mom) to 53,404 units. This is the highest rate of monthly volume growth since Dec ’06. The key growth drivers were the CV segment (both LCVs and M&H CVs did well) and the Nano dispatches. We expect volume growth of 17.1% in FY10, fuelled mainly by the Nano and the CV segment. Ytd volumes are 7% higher yoy. We maintain buy, with price target of Rs 672," says Anand Rathi Securities report.

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