Shares of Indian automaker Tata Motors Ltd rose as much as 8.15% to a seven-month high on Monday after its luxury car unit Jaguar Land Rover (JLR) reported strong fourth-quarter sales and forecast free cash flow of about $1 billion.
, excluding from China, in the January-March quarter, while retail sales grew 30% as chip and other supply constraints eased. Tata Motors' global wholesales rose 8% in the quarter.
The brokerage raised its recommendation on Tata Motors' stock to "buy" from "neutral" to factor in JLR's improving volume outlook, and raised its target price on the stock to 550 rupees.
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