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Pick Tata Motors on dips, says PN Vijay, Portfolio Manager, www.askpnvijay.com.
Vijay told CNBC-TV18, "We are planning to buy Tata Motors. It is a little part of our core portfolio because I think the results were a mix bag but they were not so bad. For the stock to fall off from about Rs 285 to Rs 230 in short time but that we have seen in a market. Market votes one way totally on a stock but then having said that, and long-term investors would take atleast six-twelve months time span."
He further added, "Tata Motors looks good because again one is underpinning that in all our excitement about the Jaguar-LandRover (JLR) story which is there of course, we are losing site of a very strong domestic business franchise that the company has and it looks now that diesel price increase is not going to take place tomorrow. So there was that fear, so I think the markets sort of recognized a slightly flattish performance and overreacted in the bearish sentiment and so Tata Motors would be one of those nice little picks to do around Rs 225 levels probably for 30% appreciation in the next 12 months, which means an outperformer vis-à-vis the Sensex."
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