TM . SHARES JUMPED as much as 3.1 per cent to a record high of Rs. 434.30 after Citigroup raised its price target on the stock toRs. 486 from Rs. 421, citing the outlook for the automaker's luxury unit Jaguar Land Rover (JLR).
Citi says JLR is poised to become the world's fourth biggest luxury car maker on the back of new launches in the next 15-18 months.
Citi also says JLR will benefit from China's growing luxury car market, which the investment bank estimates will grow at around 15 per cent over the next two years.
JLR, via its joint venture in China, could sell around 160,000 units by fiscal year 2016, implying an around 8 percent market share, according to Citi.
Citi says JLR is poised to become the world's fourth biggest luxury car maker on the back of new launches in the next 15-18 months.
Citi also says JLR will benefit from China's growing luxury car market, which the investment bank estimates will grow at around 15 per cent over the next two years.
JLR, via its joint venture in China, could sell around 160,000 units by fiscal year 2016, implying an around 8 percent market share, according to Citi.