Tata Motors Ltd rose as much as 3.7 percent to a record high on Wednesday after Credit Suisse and CLSA upgraded their ratings on the stock, citing expectations for improving sales.

Credit Suisse raised Tata to 'outperform' from 'underperform', noting the automaker could post much-stronger-than-expected Range Rover sales, especially in China.

CLSA raised Tata to 'buy' from 'outperform', citing optimism about new product launches.

Tata shares were up 3.1 percent as of 9:36 a.m., after earlier hitting a record high of 325.80 rupees and outperforming a 0.2 percent gain in the Nifty.