Tata Motors gains after slew of upgrades

Tags: Companies
Tata Motors Ltd gains as much as 2.76 percent after a slew of rating upgrades.

Shares up 1.6 percent at 524.60 rupees, approaching record high of 531.65 hit on Aug. 28.

Morgan Stanley upgrades the stock to "overweight" from "equal-weight."

Bank cites Tata Motor's "attractive" relative valuations and optimism about margins and volumes.

Jefferies also raises its rating on the stock to "buy" from "hold".

Standard and Poor's also raises outlook to "positive" from "stable."

Credit agency cites stronger performance of Tata unit Jaguar Land Rover.

Tata also says on Tuesday it wins order for over 2,700 buses.

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