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Sell Tata Motors, target of Rs 120: Reliance Money
Posted on: March 9th, 2009 and is filed under Brokerage Recommendations.
Reliance Money has recommended a sell rating on Tata Motors with a target price of Rs 120 in its March 9, 2009 research report. Tata Motors Ltd (TAMO) overall sales volume in February 2009 reported a fall of 19% y-o-y to 43,811 vehicles. Fall in sales volume was on account of falls across all segments. TAMO’s CV segment sales recorded a fall of 25% y-o-y which was due to steep fall of 48% y-o-y in M&HCV segment. Its LCV segment has reported a marginal 1.5% y-o-y to 14,644 vehicles and on a m-o-m basis the sales of LCV segment has gone up by impressive 27%. We recommend a SELL with target price of Rs 120,” says Reliance Money’s research report.
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