Kotak Securities has maintained its positive view on Tata Motors and Maruti Suzuki with a target price Rs 533 and Rs 3404 respectively, in its research report dated October 7, 2014.
"Automobile dispatches continued to firmly trend in the positive territory as automakers geared themselves up for the festive season. In the two-wheeler space, Hero MotoCorp and TVS Motors posted robust volume growth. In the passenger vehicle space, both M&M and Maruti Suzuki posted YoY volume increase. Bajaj Auto continued to benefit from strong export performance. Tata Motors witnessed growth in MHCV segment. Overall auto manufacturers are optimistic of strong festive season and have accordingly built up inventory for the same. Strong demand in the festive season will be critical for volume growth to sustain in the near future. In our view, the auto industry is witnessing a turnaround but complete recovery might take some more time. We maintain our positive view on Tata Motors (target price Rs 533) and Maruti Suzuki (target price Rs 3404)", says Kotak Securities research report.
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