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Stunning comeback! Sensex, Nifty stage smart recovery after initial crash
Tata Motors was in action post its quarterly results. The stock was top gainer among the 50-stocks of Nifty, commenting on the same, Amar Ambani, Head of Research, IIFL said, "We are cutting our estimates to factor in a much weaker than expected performance by JLR in Q2 FY16. The management expects a strong improvement in H2 FY16 but we believe that over the longer term margins will remain in the 14‐16% range. Upside triggers exist from higher volumes coming in from the new launches. In the domestic market, the strength in M&HCV volumes should continue whereas LCVs on a low base should start recovering over the next few months. The passenger car business would get boost from new launches. We are cutting our target to Rs460 but maintain our BUY recommendation on attractive valuations."