Buy Tata Motors, says Ajay Shethia

Shethia told CNBC-TV18, “For Tata Motors, we had actually downgraded to hold when it was at levels of Rs 300. Now if you see, there is been a significant correction in the stock and at this level we continue to remain buy on the stock. We had upgraded it to Rs 20 level and continue to maintain a buy rating on the stock.”

He further added, “We continue to maintain our volume estimates for JLR. I am looking at close to 3.67 lakh units which would mean a growth of 17% wherein we are modeling 100000 units as the sales of Evoque which is a new product launch and something which is doing extremely well for JLR. In terms of stock target price we currently have got a target price of Rs 294 and we would relook at our numbers and our target price but would continue to maintain our buy rating on the stock.”