Credit Suisse upgraded Tata Motors Ltd to “outperform” from “neutral”. The brokerage said that there were near-term concerns on factors such as volume abating.
It said Tata Motors shares have under-performed the auto sector recently and the “long-term story remains promising.”
But Credit Suisse downgraded Mahindra and Mahindra to “neutral” from “outperform”, saying that Mahindra’s valuations are no longer “attractive.”
Tata Motors shares gained as much as 0.5 per cent to a record high at Rs. 542.60. The stock gave up gain later and was last trading down 0.75 per cent. Tata Motors shares have surged over 8 per cent in last four sessions.
Mahindra and Mahindra shares were down 1.6 per cent.