Credit Suisse raises Tata Motors, cuts Mahindra & Mahindra

Credit Suisse upgrades Tata Motors Ltd to "outperform" from "neutral." Says near-term concerns on factors such as volume abating.

Says Tata Motors shares have under-performed the auto sector recently and the "long-term story remains promising."

But Credit Suisse downgrades Mahindra and Mahindra to "neutral" from "outperform."

Says Mahindra`s valuations are no longer "attractive."

Tata Motors shares gain as much as 0.5 percent to a record high at 542.60 rupees.

The stock gives up gains, last down 0.75 percent.

The shares have surged over 8 percent in last four sessions.

Mahindra and Mahindra shares are down 1.6 percent.