In its latest research report, Nirmal Bang, an equity research firm said that Tata Motors, which presently stuck in a band of 385-390, can give good returns in short term.

The report further stated that, if the counter is successful to breach 410, then it will create a huge breakout. 

Nirmal Bang Research has advised its investors to hold the stock to achieve a target price of Rs 430.

Besides, the report has also suggested a support level of Rs 355 for the scrip.

Today (June 08), the shares of the company opened at Rs 395 on the Bombay Stock Exchange (BSE). The share price has seen a 52-week high of Rs 528.65 and a low of Rs 122 on BSE. Current EPS and P/E of the stock stood at 19.47 & 19.93 respectively.

On June 01, it is discovered that the central bank (RBI) will let SBI to guarantee the newly-concluded Rs 42 billion non-convertible debenture (NCD) issue by Tata Motors.

It is thought that RBI decided to work out `regulatory forbearance` in case of the Tata NCD issue that means it would be exempt from the ban on banks guaranteeing corporate bonds.

Tata Motors, on May 29, declared that Ravi Kant, the managing director of company, will leave from his executive position on June 1, 2009, on reaching the retirement age of 65 years as stated by the company`s rule. 

The company’s directors decided to retain Ravi Kant on the board as the company’s non-executive vice-chairman.

On May 28, Tata Motors launched its new range of world standard trucks. The range consists of multi-axle trucks, tractor-trailers, tippers, mixers, and special application vehicles. 

Tata Motors has effectively completed a contract for amendment of its bridge finance loan, covering the final maturity of $1 billion by 18 months up to 31st December 2010. 

The deal, together with the previous repayments and the Bond issue last week, finishes the refinancing of the bridge finance of 12 months of $3 billion lifted during June 2008 to acquire Jaguar Land Rover (JLR).