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Economic Times
11 hours ago
- Automotive
- Economic Times
BNP Paribas gives Outperform call on Tata Motors; target price Rs 830
ET Online For the quarter ended 31-03-2025, the company has reported a Consolidated Total Income of Rs 121,012.00 Crore, up 4.89 % from last quarter Total Income of Rs 115,365.00 Crore and down .36 % from last year same quarter Total Income of Rs 121,446.15 Crore. Company has reported net profit after tax of Rs 8,442.00 Crore in latest quarter. The company's top management includes Mr.N Chandrasekaran, Wagh, Ramji, Puri, Sorensen, V Chowdary, Prakash Bhatt, Sangwan, Bhandarkar, Mr.P B Balaji, Kumar Gupta. Company has BSR & Co. LLP as its auditors. As on 31-03-2025, the company has a total of 368.13 Crore shares outstanding. Investment Rationale Tata Motors has a diverse set of businesses that are at various stages of capex and have different accounting policies than peers. Hence, BNP Paribas thinks a blended valuation method taking the average of EV/sales, EV/EBITDA, EV/EBIT and P/E valuations normalises the impacts of these idiosyncrasies. Tata Motors' earnings are split into JLR, China JV, CV, PV, and India EV businesses. The brokerage's target valuation multiples for JLR are set by benchmarking to valuation multiples of BMW and Mercedes Benz. For the China JV, they use the valuation multiples of Brilliance China Automotive as the benchmark. Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel BNP Paribas Securities has outperform call on Tata Motors Ltd. with a target price of Rs 830.0. The current market price of Tata Motors Ltd. is Rs 674.4. Tata Motors, incorporated in 1945, is a Large Cap company with a market cap of Rs 2,46,742.40 crore, operating in the Auto sector. Tata Motors' key products/revenue segments include Motor Vehicles, Spare Parts & Others, Miscellaneous Goods, Sale of services and Other Operating Revenue for the year ending the quarter ended 31-03-2025, the company has reported a Consolidated Total Income of Rs 121,012.00 Crore, up 4.89 % from last quarter Total Income of Rs 115,365.00 Crore and down .36 % from last year same quarter Total Income of Rs 121,446.15 Crore. Company has reported net profit after tax of Rs 8,442.00 Crore in latest company's top management includes Mr.N Chandrasekaran, Wagh, Ramji, Puri, Sorensen, V Chowdary, Prakash Bhatt, Sangwan, Bhandarkar, Mr.P B Balaji, Kumar Gupta. Company has BSR & Co. LLP as its auditors. As on 31-03-2025, the company has a total of 368.13 Crore shares Motors has a diverse set of businesses that are at various stages of capex and have different accounting policies than peers. Hence, BNP Paribas thinks a blended valuation method taking the average of EV/sales, EV/EBITDA, EV/EBIT and P/E valuations normalises the impacts of these idiosyncrasies. Tata Motors' earnings are split into JLR, China JV, CV, PV, and India EV businesses. The brokerage's target valuation multiples for JLR are set by benchmarking to valuation multiples of BMW and Mercedes Benz. For the China JV, they use the valuation multiples of Brilliance China Automotive as the Paribas' target multiples for CV are similar to those of AL and for PV, it is at a 50% discount to BNP Paribas target multiple for MSIL, as Tata Motors' PV business margins reach the industry average. The brokerage values Tata Motors India EV business at the average of the valuation range of the last funding round, taken with a 60% discount to factor in the correction in global EV peers' valuation since then, weak sales and increasing competition. The company also has various subsidiaries and investments, which they value at a 30% holding company discount to the latest market price, where available, or at multiples similar to those of listed peers. (Disclaimer: Recommendations given in this section or any reports attached herein are authored by an external party. Views expressed are that of the respective authors/entities. These do not represent the views of Economic Times (ET). ET does not guarantee, vouch for, endorse any of its contents and hereby disclaims all warranties, express or implied, relating to the same. Please consult your financial adviser and seek independent advice.
Economic Times
4 days ago
- Business
- Economic Times
Buy Tata Steel, target price Rs 180: JM Financial
Navbharat Times Tata Steel's key products/revenue segments include Steel & Steel Products, Others, Power and Other Operating Revenue for the year ending 31-Mar-2024. Financials For the quarter ended 31-03-2025, the company has reported a Consolidated Total Income of Rs 56679.11 crore, up 5.22 % from last quarter Total Income of Rs 53869.33 crore and down -3.71 % from last year same quarter Total Income of Rs 58863.22 crore. The company has reported net profit after tax of Rs 1124.08 crore in the latest quarter. The company's top management includes Mr.N Chandrasekaran, Gupta Ramola, Khambata, Kapoor, Mande, Mr.N Chandrasekaran, Naval Tata, Mr.T V Narendran, Chatterjee, Agrawal, Mr.V K Sharma, Gupta Ramola, Khambata, Kapoor, Mr.V K Sharma, Agrawal, Naval Tata, Mr.T V Narendran, Chatterjee, Agrawal, Mr.V K Sharma, Gupta Ramola, Khambata, Kapoor, Mande, Mr.N Chandrasekaran, Naval Tata, Mr.T V Narendran, Chatterjee, Mande. Company has Price Waterhouse & Co Chartered Accountants LLP as its auditors. As on 31-03-2025, the company has a total of 1,248 Crore shares outstanding. Live Events Promoter/FII Holdings Promoters held 33.19 per cent stake in the company as of 31-Mar-2025, while FIIs owned 18.29 per cent, DIIs 24.37 per cent. (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel JM Financial has a Buy call on Tata Steel with a target price of Rs 180. The current market price of Tata Steel Ltd. is Rs 152.15. Tata Steel, incorporated in 1907, is a Large Cap company with a market cap of Rs 190810.78 crore, operating in Metals - Ferrous Steel's key products/revenue segments include Steel & Steel Products, Others, Power and Other Operating Revenue for the year ending the quarter ended 31-03-2025, the company has reported a Consolidated Total Income of Rs 56679.11 crore, up 5.22 % from last quarter Total Income of Rs 53869.33 crore and down -3.71 % from last year same quarter Total Income of Rs 58863.22 crore. The company has reported net profit after tax of Rs 1124.08 crore in the latest company's top management includes Mr.N Chandrasekaran, Gupta Ramola, Khambata, Kapoor, Mande, Mr.N Chandrasekaran, Naval Tata, Mr.T V Narendran, Chatterjee, Agrawal, Mr.V K Sharma, Gupta Ramola, Khambata, Kapoor, Mr.V K Sharma, Agrawal, Naval Tata, Mr.T V Narendran, Chatterjee, Agrawal, Mr.V K Sharma, Gupta Ramola, Khambata, Kapoor, Mande, Mr.N Chandrasekaran, Naval Tata, Mr.T V Narendran, Chatterjee, Mande. Company has Price Waterhouse & Co Chartered Accountants LLP as its auditors. As on 31-03-2025, the company has a total of 1,248 Crore shares held 33.19 per cent stake in the company as of 31-Mar-2025, while FIIs owned 18.29 per cent, DIIs 24.37 per cent. (Disclaimer: Recommendations given in this section or any reports attached herein are authored by an external party. Views expressed are that of the respective authors/entities. These do not represent the views of Economic Times (ET). ET does not guarantee, vouch for, endorse any of its contents and hereby disclaims all warranties, express or implied, relating to the same. Please consult your financial adviser and seek independent advice.
Economic Times
13-06-2025
- Automotive
- Economic Times
I-Sec maintains Add on Tata Motors, target price Rs 775
ICICI Securities maintains add call on Tata Motors with an unchanged target price of Rs 775. The current market price of Tata Motors is Rs 729.2. Tata Motors, incorporated in 1945, is a Large Cap company with a market cap of Rs 261420.64 crore, operating in the Auto sector. ADVERTISEMENT Tata Motors' key products/revenue segments include Motor Vehicles, Spare Parts & Others, Miscellaneous Goods, Sale of services and Other Operating Revenue for the year ending 31-Mar-2024. Financials For the quarter ended 31-03-2025, the company has reported a Consolidated Total Income of Rs 121012.00 crore, up 4.89% from last quarter Total Income of Rs 115365 crore and down -.36 % from last year same quarter Total Income of Rs 121446.15 crore. The company has reported net profit after tax of Rs 8442.00 crore in the latest quarter. The company's top management includes Mr.N Chandrasekaran, Sangwan, Prakash Bhatt, Puri, Mr.N Chandrasekaran, Wagh, Sorensen, Bhandarkar, V Chowdary, Ramji, Sangwan, Prakash Bhatt, Ramji, V Chowdary, Bhandarkar, Wagh, Sorensen, Bhandarkar, V Chowdary, Ramji, Sangwan, Prakash Bhatt, Puri, Mr.N Chandrasekaran, Wagh, Sorensen, Puri. Company has BSR & Co. LLP as its auditors. As on 31-03-2025, the company has a total of 368 crore shares outstanding. Investment Rationale Tata Motors' domestic volume performance (both PVs and CVs) has been underwhelming (below industry growth) in the recent past. It has taken corrective actions to improve key business metrics (market share and margins) and ICICI Securities expects both these businesses to gradually regain momentum going forward. Tata Motoes, at its Investor Day, reiterated its aspiration of high-teen market share in domestic PVs and its focus on regaining share in SCVs (could be key in achieving its target 40% CV market share). Its aspiration of teen/double-digit EBITDAM for CV/PV biz hinges on its volume growth performance, in the brokerage view. US tariff related uncertainty remains a key monitorable for JLR. ICICI Securities maintains ADD with SoTP-based target price of Rs 775 (unchanged), implying 11x/2x FY27E India/JLR EV/EBITDA. Promoter/FII Holdings Promoters held 42.58 per cent stake in the company as of 31-Mar-2025, while FIIs owned 17.84 per cent, DIIs 16.84 per cent. (You can now subscribe to our ETMarkets WhatsApp channel) Disclaimer: Views and recommendations given in this section are the analysts' own and do not represent those of Please consult your financial adviser before taking any position in the stock/s mentioned.
Time of India
13-06-2025
- Automotive
- Time of India
I-Sec maintains Add on Tata Motors, target price Rs 775
ICICI Securities maintains add call on Tata Motors with an unchanged target price of Rs 775. The current market price of Tata Motors is Rs 729.2. Tata Motors, incorporated in 1945, is a Large Cap company with a market cap of Rs 261420.64 crore, operating in the Auto sector. Tata Motors' key products/revenue segments include Motor Vehicles, Spare Parts & Others, Miscellaneous Goods, Sale of services and Other Operating Revenue for the year ending 31-Mar-2024. Financials For the quarter ended 31-03-2025, the company has reported a Consolidated Total Income of Rs 121012.00 crore, up 4.89% from last quarter Total Income of Rs 115365 crore and down -.36 % from last year same quarter Total Income of Rs 121446.15 crore. The company has reported net profit after tax of Rs 8442.00 crore in the latest quarter. The company's top management includes Mr.N Chandrasekaran, Sangwan, Prakash Bhatt, Puri, Mr.N Chandrasekaran, Wagh, Sorensen, Bhandarkar, V Chowdary, Ramji, Sangwan, Prakash Bhatt, Ramji, V Chowdary, Bhandarkar, Wagh, Sorensen, Bhandarkar, V Chowdary, Ramji, Sangwan, Prakash Bhatt, Puri, Mr.N Chandrasekaran, Wagh, Sorensen, Puri. Company has BSR & Co. LLP as its auditors. As on 31-03-2025, the company has a total of 368 crore shares outstanding. Investment Rationale Tata Motors' domestic volume performance (both PVs and CVs) has been underwhelming (below industry growth) in the recent past. It has taken corrective actions to improve key business metrics (market share and margins) and ICICI Securities expects both these businesses to gradually regain momentum going forward. Tata Motoes, at its Investor Day, reiterated its aspiration of high-teen market share in domestic PVs and its focus on regaining share in SCVs (could be key in achieving its target 40% CV market share). Its aspiration of teen/double-digit EBITDAM for CV/PV biz hinges on its volume growth performance, in the brokerage view. US tariff related uncertainty remains a key monitorable for JLR. ICICI Securities maintains ADD with SoTP-based target price of Rs 775 (unchanged), implying 11x/2x FY27E India/JLR EV/EBITDA. Promoter/FII Holdings Promoters held 42.58 per cent stake in the company as of 31-Mar-2025, while FIIs owned 17.84 per cent, DIIs 16.84 per cent. ETMarkets WhatsApp channel )
Economic Times
12-06-2025
- Automotive
- Economic Times
JM Financial maintains Buy on Tata Motors; raises target price to Rs 815
Agencies Tata Motors Tata Motors' key products/revenue segments include Motor Vehicles, Spare Parts & Others, Miscellaneous Goods, Sale of services and Other Operating Revenue for the year ending 31-Mar-2024. Financials For the quarter ended 31-03-2025, the company has reported a Consolidated Total Income of Rs 12,1012 crore, up 4.89 % from last quarter Total Income of Rs 115365.00 crore and down -.36 % from last year same quarter Total Income of Rs 121446.15 crore. Company has reported net profit after tax of Rs 8442.00 Crore in latest quarter. The company's top management includes Mr.N Chandrasekaran, Sangwan, Prakash Bhatt, Puri, Mr.N Chandrasekaran, Wagh, Sorensen, Bhandarkar, V Chowdary, Ramji, Sangwan, Prakash Bhatt, Ramji, V Chowdary, Bhandarkar, Wagh, Sorensen, Bhandarkar, V Chowdary, Ramji, Sangwan, Prakash Bhatt, Puri, Mr.N Chandrasekaran, Wagh, Sorensen, Puri. Company has BSR & Co. LLP as its auditors. As on 31-03-2025, the company has a total of 368 crore shares outstanding. Live Events Investment Rationale Tata Motors targets a 280bps market share gain in the PV segment by FY27, led by new launches. In respect of the CV business, the industry is expected to grow at a 3?5% CAGR over FY25-30E. Further, Tata Motors is focusing on opportunities in CV export markets by strengthening market leadership, expanding its product portfolio and enhancing its distribution network in key markets. The company is targeting EBITDA margins in the teens for its CV business and 10% for its PV-EV business by FY30E. JM Financial maintains BUY with a Mar'27 SOTP of Rs 815 (standalone / JLR valued at 10x / 2x EV/EBITDA). Rising global uncertainty remains a key risk. Promoter/FII Holdings Promoters held 42.58 per cent stake in the company as of 31-Mar-2025, while FIIs owned 17.84 per cent, DIIs 16.84 per cent. (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel JM Financial has maintained a buy call on Tata Motors with a target price of Rs 815. The current market price of Tata Motors is Rs 733.75. The time period given by analyst is year when Tata Motors price can reach defined target. Tata Motors , incorporated in 1945, is a Large Cap company with a market cap of Rs 261420.64 crore, operating in the Auto Motors' key products/revenue segments include Motor Vehicles, Spare Parts & Others, Miscellaneous Goods, Sale of services and Other Operating Revenue for the year ending the quarter ended 31-03-2025, the company has reported a Consolidated Total Income of Rs 12,1012 crore, up 4.89 % from last quarter Total Income of Rs 115365.00 crore and down -.36 % from last year same quarter Total Income of Rs 121446.15 crore. Company has reported net profit after tax of Rs 8442.00 Crore in latest company's top management includes Mr.N Chandrasekaran, Sangwan, Prakash Bhatt, Puri, Mr.N Chandrasekaran, Wagh, Sorensen, Bhandarkar, V Chowdary, Ramji, Sangwan, Prakash Bhatt, Ramji, V Chowdary, Bhandarkar, Wagh, Sorensen, Bhandarkar, V Chowdary, Ramji, Sangwan, Prakash Bhatt, Puri, Mr.N Chandrasekaran, Wagh, Sorensen, Puri. Company has BSR & Co. LLP as its auditors. As on 31-03-2025, the company has a total of 368 crore shares Motors targets a 280bps market share gain in the PV segment by FY27, led by new launches. In respect of the CV business, the industry is expected to grow at a 3?5% CAGR over FY25-30E. Further, Tata Motors is focusing on opportunities in CV export markets by strengthening market leadership, expanding its product portfolio and enhancing its distribution network in key markets. The company is targeting EBITDA margins in the teens for its CV business and 10% for its PV-EV business by FY30E. JM Financial maintains BUY with a Mar'27 SOTP of Rs 815 (standalone / JLR valued at 10x / 2x EV/EBITDA). Rising global uncertainty remains a key held 42.58 per cent stake in the company as of 31-Mar-2025, while FIIs owned 17.84 per cent, DIIs 16.84 per cent. (Disclaimer: Recommendations given in this section or any reports attached herein are authored by an external party. Views expressed are that of the respective authors/entities. These do not represent the views of Economic Times (ET). ET does not guarantee, vouch for, endorse any of its contents and hereby disclaims all warranties, express or implied, relating to the same. Please consult your financial adviser and seek independent advice.
