ICICIdirect has issued a Buy call on Tata Motors. The stock broker recommends buying stock in the range of Rs 500-510 with target Rs 598 within three months time.

Commenting on investment rationale, the stock broker said, "We remain positive on sustained earnings growth for the JLR business as the product pipeline grows and market share increases across geographies. The domestic business is a drag on profitability but is likely to revive with an economic recovery, post the new launches on the PV side (Zest/Bolt) and improvement in HCV demand. JLR's valuations are still subdued vis-à-vis cash-rich global peers like BMW (whose multiples remain depressed due to high cash and low debt profile of peers)."

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