Shares of Tata Motors rose as much as 1.4 per cent on robust July global sales.Global wholesales in July, including Jaguar Land Rover, were higher by 20 per cent.Analysts at Motilal Oswal were factoring in wholesale volume growth of 13 per cent in FY17 for JLR.The brokerage has maintained “Buy” rating with a price target of Rs. 576.Tata Motors’ shares were the second biggest riser on the benchmark BSE index, which was down 0.08 per cent.
Idea CellularShares of Idea Cellular hit 6-week low as the company results failed to cheer market.The stock was down as much as 6 per cent to its lowest since June 24.India’s 3rd largest telecom company had on Monday posted a 74 per cent slump in June-quarter consolidated profit.The net profit was hurt by a one-time finance cost for spectrum and lower voice revenues pushed its income down.The stock — down 50 per cent since its all-time high in April 2015 — has lost 28 per cent of its value since the beginning of the year.Idea, along with Bharti Airtel and Vodafone’s India unit, have been heavily spending on ramping up 4G networks in anticipation of Reliance Industries 4G telecom service launch later this year.The stock currently trades at Rs. 98, 22 per cent below the analysts’ median price target.
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