India's TVS Motor, Bajaj Auto hit record highs on J.P.Morgan's bullish growth hopes
** Shares of Indian two-wheeler makers TVS Motor Ltd TVSM.NS and Bajaj Auto Ltd BAJA.NS hit record highs
** TVSM, BAJA top percent gainers among auto stocks
** J.P.Morgan upgrades TVSM to "overweight"; lists co and Bajaj ("overweight") as its top picks among auto stocks
** Brokerage says TVSM has been able to maintain market share despite high competition and expects market share gains to resume; raises PT to 3,050 rupees – second-highest on Street
** On BAJA, JPM lists improving market share, robust cash flow, improving shareholder returns and healthy demand for its more margin-boosting three-wheelers
** JPM downgrades market leader Hero MotoCorp HROM.NS to "neutral" from "overweight", citing decline in its retail market share and weak EV positioning
** Still, HROM only two-wheeler stock rated "buy" on avg; TVSM and BAJA rated "hold" - LSEG data
** BAJA leads pack with 50% YTD gains, TVSM and HROM slightly trail auto stocks' .NIFTYAUTO 39% rise
Reporting by Nandan Mandayam in Bengaluru
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