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Deutsche upgrades Tata Motors to 'buy'

Reuters Market Eye - Deutsche Bank upgrades Tata Motors(NSI:TATAMOTORS) to "buy" from "neutral" and raises its target price to 400 rupees from 275 rupees, citing an improving global economy.

"China and the U.S., which account for 45 percent of Jaguar LandRover's volumes, have been particularly robust. For JLR, this has echoed in falling incentives, volume momentum and robust margins," Deutsche said in its report dated on Thursday.

Tata Motors surged as much as 5.4 percent and closed 1.2 percent higher at 350.05 rupees.