Shares of Tata Motors gained 2 percent intraday on Wednesday even after its Jaguar Land Rover (JLR) sales were below estimates in January. Sales of the luxury brand declined by 5.44 percent to 36527 units in January as compared to 38631 units in the same month last year. “The reduction is more than explained by the sales run out of the Land Rover Freelander model while retails of the new Land Rover Discovery Sport will start this month in some markets,” the company said. However, Morgan Stanley remains overweight on the stock as it believes that current trends will reverse once new models start ramping up. The brokerage also believes that model transition led to weak JLR January sales. In the passenger vehicles category, the global sales last month were at 49,821 units as against 50,042 units in January 2014, Tata Motors said in a statement. At 13:01 hrs Tata Motors was quoting at Rs 583.00, up Rs 9.05, or 1.58 percent on the BSE
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