Maintain Tata Motors' overweight rating on JLR sales: MS

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Moneycontrol BureauBrokerage firm Morgan Stanley has maintained it overweight rating on auto major Tata Motors on strong Jaguar Land Rover (JLR) sales.

Tata Motors' JLR volumes rose 16 percent year-on-year (YoY) in March 2015, according to data released by the company.

JLR reported strong March 2015 wholesale of 50,093 units, up sharply by 16 percent YoY versus a decline of 1 percent  and 5 percent in February 2015 and January 2015, respectively.

"As production for the new models is ramped up (Discovery Sport, Jaguar XE and China-made Evoque), we expect volume growth to pick up further in the coming months," says the report

Excerpts from the report:

- Volumes for Land Rover grew 19 percent YoY (vs -1 percent last month) while Jaguar sales growth picked up to 2 percent YoY (vs a decline of 3 percent in February).- Sales for F4Q15 came in at 125k, a growth of 3 percent YoY and 2 percent QoQ while sales for the full year came in at 467k, a growth of 9 percent YoY.