Buy Tata Motors, says Hitesh Goel

Buy Tata Motors, says Hitesh Goel, Analyst, Kotak Institutional Equities.

Goel told CNBC-TV18, "On Tata Motors we had a sell rating for a long time. We just changed our rating to buy because of sharp correction that happened in the stock price. That happened because of the disappointment in margins in the Q4. We believe that JLR volume growth will sustain because Evoque is doing very well and is on waiting in most of the markets, so that will drive growth for JLR for this year and there are many exciting products that will come through in FY14 which will drive growth for JLR."
The company's trailing 12-month (TTM) EPS was at Rs 3.94 per share. (Mar, 2012). The stock's price-to-earnings (P/E) ratio was 59.64. The latest book value of the company is Rs 62.74 per share. At current value, the price-to-book value of the company was 3.75. The dividend yield of the company was 1.7%.