Buy Tata Motors: Jigar Shah

Jigar Shah of Kim Eng Sec told CNBC-TV18, "In Tata Motors there are some concerns on the capex and free cash flow, but the way their sales momentum at Jaguar Land Rover (JLR) is quite surprising and also particularly the growth in Jaguar is going to improve the margin. So I do not want to be as negative and continue to hold onto my target price of Rs 466 and the buy recommendation."

"As far as the auto component companies are concerned companies like Bosch and WABCO India are the best placed, but beyond that it is really difficult to comment on other companies because there are many loose parts out there at the moment and one cannot take a very clear view as of now until we see the domestic auto industry getting stabilised which is at least six months away," he said.