Religare Institutional Research has maintained 'Buy' on Tata Motors with target price of Rs 580 in its report.

Commenting on the investment rationale, the stock broker said, "JLR reported a stellar Q1 with margins touching a record high of 20.3% on a better product/geo mix despite unfavourable currency. Tata Motors' standalone EBITDA losses also contracted with margins at -2.8% (+340bps QoQ).

We raise our FY15/FY16 estimates by 8%/4% in view of better JLR margins, while building in some recovery in H2 for the standalone business (1%/12% volume growth for FY15/FY16)."

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