Karvy Stock Broking has reiterated 'Buy' on Tata Motors with target price of Rs 462 as against current market price (CMP) of Rs 414 with potential upside of 12% in its report.

Commenting on the investment rationale, the stock broker said, "JLR continued its growth momentum with decent growth, though growth tapered down and company underperformed peers during the month in March 2014. JLR underperformed the industry as well as most luxury car makers with wide margin on YoY and MoM basis in US market. 

While, in March 2014, JLR reported a growth 8.6% YoY and 11.8% MoM to 6,215 units in US market, as against Audi's 7.5% YoY and 31% MoM growth, BMW's growth of 18.6% YoY & 46% MoM and Daimler's growth of 11% YoY and 20.5% MoM for the month. Jaguar's volume soared 29% YoY to 1,816 units, while Land Rover rose 2% YoY to 4,399 units in March 2014.

We expect JLR to continue its positive momentum across the markets on the back of success of new launches at regular interval, we expect JLR to grow by 15% in US market in 2014."

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