Angel Broking neutral on Tata Motors
Angel Broking has maintained its neutral rating on Tata Motors and Ashok Leyland in its February 26, 2009 research report. “Commercial Vehicle (CV) manufacturers have proposed price cuts following the government slashing Excise Duty.Effect of the same would be seen in M&HCV prices as now effective Excise Duty on M&HCVs would be 8% as against the earlier 10%. However, LCV prices may not see the same price reduction with Excise Duty on the segment remaining unchanged at 8%. Ashok Leyland has already quantified impact of the Excise Duty cut working out to an average Rs 16,000 per vehicle. In effect, this price cut may help CV makers to clear high inventories. We remain Neutral on Tata Motors and Ashok Leyland,” says Angel Broking’s research report.
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