CLSA upgrades Tata Motors to 'Buy' after JLR wholesales jump 15% YoY in Q3

Shares of Tata Motors surged 7 per cent in Tuesday's intra-day trade to hit a high of Rs 417.7 apiece

Global brokerage CLSA, on Tuesday, upgraded Tata Motors' stock to 'Buy' on the back of its belief that recovery in Jaguar Land Rover’s sales volume, along with improvement in margin profile, will aid the company’s free cash flow in financial year 2023-24 (FY24). 
 

It has set a target price of Rs 512 on the scrip, which implies 24 per cent upside from current levels. Shares of Tata Motors surged 7 per cent in Tuesday's intra-day trade before settling at Rs 413 apiece, up 6 per cent. Those of Tata Motors DVR closed 3.65 per cent higher.

In comparison, the benchmark