Jigar Shah bullish on Tata Motors, target Rs 700

Jigar Shah of Kim Eng Securities India told CNBC-TV18, "Tata Motors is still looking attractive to us. Our target price in the stock is Rs 700 and we feel that both in Jaguar Land Rover (JLR) and India business, there is going to be interesting developments. Jaguar is on the cusp of getting benefit from some of its new launches as well as the new capacities that it has put up in different parts."

"The India story is just beginning to get better with the success in couple of new launches in the car segment and pickup in demand in the truck segment. So, the next couple of years, 2016 and 2017 should be very interesting years for Tata Motors. Valuation is still reasonable, so we stay bullish on Tata Motors," he said.