Bhat told CNBC-TV18, "Tata Motors from a lower of Rs 160 to what it is today it had a very good run up, of course it was beaten down more because the volume numbers on Jaguar-Land Rover (JLR) was suppose to be a lot more subdued so that has played out quite well at the moment. So all in all if you see JLR still contributes about 70% of the total profits and if I were to put the pure valuation wise I think it is still quoting at something like 9-9.5 times if one were to adjust the R&D expenses which they are capitalising at the moment and if you were to take it in the P&L."
He further added, "So from that perspective about 9.5-10 times and RoE which is adjusted also for its R&D expenses still in the region of around 22-23% I think Tata Motors still has some good amount of steam left maybe another 10-15% is what possibly it looks like but of course when a market corrects it has to correct but if you were to ask me the target price for that that is what I would think."
