Tata Motors‘ share price jumped back in the green in early trade on Wednesday.

What Happened: Shares of the Tata Group company are upbeat as global research firm JP Morgan maintained its “neutral” call on the stock with a price target of ₹635. The firm said that as per its tracker, Jaguar Land Rover’s retail sales for the month of July grew by 16% year-over-year.

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The analysts added that the automobile major’s retail sales outperformed its luxury auto peers in the US and China. However, the firm noted that Europe sales were slow. The analysts observe that incentives for original equipment manufacturers have increased both in the US and China.

Shares of Tata Motors have been on a climb since the start of the year. The stock has gone up over 50% on a year-to-date basis hitting several new record highs.

Price Action: Tata Motor’s share price was up 0.32% to trade at ₹622.20 as the markets opened on Wednesday.

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