Tata Motors Rises to a Record High on Rating Agencies' Upgrades

January 9, 2013 5:42 AM GMT

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(Photo: Reuters/Danish Siddiqui/Files)<br>An engineer works inside the noise testing chamber at Tata Motors plant in Pimpri, 160 km (99 miles) southeast of Mumbai, December 14, 2012.
(Photo: Reuters/Danish Siddiqui/Files)
An engineer works inside the noise testing chamber at Tata Motors plant in Pimpri, 160 km (99 miles) southeast of Mumbai, December 14, 2012.

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Tata Motors Ltd(TAMO.NS) rose as much as 3.7 percent to a record high on Wednesday after Credit Suisse and CLSA upgraded their ratings on the stock, citing expectations for improving sales.

Credit Suisse raised Tata to 'outperform' from 'underperform', noting the automaker could post much-stronger-than-expected Range Rover sales, especially in China.

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CLSA raised Tata to 'buy' from 'outperform', citing optimism about new product launches.

Tata shares were up 3.1 percent as of 9:36 a.m., after earlier hitting a record high of 325.80 rupees and outperforming a 0.2 percent gain in the Nifty.

Copyright 2012 Thomson Reuters. All rights reserved.
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