4. Tata Motors ( TTM) is one of the largest commercial vehicle manufacturers in India operating globally through its subsidiary Jaguar Land Rover.
The uptick in industrial activities is expected to push commercial vehicle manufacturers like Tata Motors. A turnaround in JLR operations would also augur well. The big leap in JLR volumes following the launch of new models and strong demand for luxury cars would sustain JLR's impetus in the future. However, the market shares across domestic passenger vehicle segment had seen a dip in the last few months. Overall, the domestic car revenues are about 7% of its consolidated revenues. The company cleaned up its books from excess debt. Equity issuance and divestment ensure that leverage is under manageable levels of 1.2 times, compared to 4 times a couple of years ago. The stock is trading at 8 to 9 times its estimated 2011 earnings.