External broker reports(aggregated public sources), Prabhudas Lilladhar

Prabhudas Lilladhar

External broker reports(aggregated public sources)

Prabhudas Lilladher is one of India's leading research based financial services organisation.

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Prabhudas Lilladher's research report onTata Motors TTMT consolidated revenue for Q4FY24 grew by 13.3% YoY led by strong growth in its JLR &amp; PV business while CV business revenue grew by 1.6% YoY despite a 5.8% YoY decline in its volume.</li><li>The revenue growth was 3.4% lower than Ple while it was in-line with consensus estimates.</li><li>EBITDA margin came in 14.2% (14.6% excl.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Prabhudas Lilladher's research report onTata Motors TTMT consolidated revenue for Q4FY24 grew by 13.3% YoY led by strong growth in its JLR &amp; PV business while CV business revenue grew by 1.6% YoY despite a 5.8% YoY decline in its volume.The revenue growth was 3.4% lower than Ple while it was in-line with consensus estimates.EBITDA margin came in 14.2% (14.6% excl.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Tata Motors (TTMT IN) - JLR Margin Guidance Remains Flat for FY25

Senior Credit Analyst, Lucror Analytics

Trung Nguyen

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

Tata Motors' Q4 and FY 2023-24 results were excellent in our view, with record high revenue and earnings. Net debt plunged by such a large amount that the Indian business has turned net cash, and the group remained on track to be overall net automotive debt free in FY 2024-25.

  Tata Motors' Q4 and FY 2023-24 results were excellent in our view, with record high revenue and earnings. Net debt plunged by such a large amount that the Indian business has turned net cash, and the group remained on track to be overall net automotive debt free in FY 2024-25. 

Tata Motors - Earnings Flash - FY 2023-24 Results - Lucror Analytics

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tata-motors-ltd" target="_blank" data-smartkarma-citation="entities:216:1" rel="noopener">Tata Motors Ltd (TTMT IN)</a> has announced a Scheme of Arrangement where all the <a href="https://www.smartkarma.com/entities/tata-motors-ltd-a-dvr" target="_blank" data-smartkarma-citation="entities:349:1" rel="noopener">Tata Motors DVR (TTMT/A IN)</a> shares will be cancelled.</li>
<li>For every 10 shares of <a href="https://www.smartkarma.com/entities/tata-motors-ltd-a-dvr" target="_blank" data-smartkarma-citation="entities:349:1" rel="noopener">Tata Motors DVR (TTMT/A IN)</a> held, shareholders will receive 7 shares of <a href="https://www.smartkarma.com/entities/tata-motors-ltd" target="_blank" data-smartkarma-citation="entities:216:1" rel="noopener">Tata Motors Ltd (TTMT IN)</a>. </li>
<li>The process is expected to take 12-15 months to complete and there will be passive buying in <a href="https://www.smartkarma.com/entities/tata-motors-ltd" target="_blank" data-smartkarma-citation="entities:216:1" rel="noopener">Tata Motors Ltd (TTMT IN)</a> at the end of it.</li>
</ul>



Tata Motors Ltd (TTMT IN) has announced a Scheme of Arrangement where all the Tata Motors DVR (TTMT/A IN) shares will be cancelled.
For every 10 shares of Tata Motors DVR (TTMT/A IN) held, shareholders will receive 7 shares of Tata Motors Ltd (TTMT IN). 
The process is expected to take 12-15 months to complete and there will be passive buying in Tata Motors Ltd (TTMT IN) at the end of it.


Tata Motors (TTMT IN) - Goodbye to the DVR Arb

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>Yesterday, with earnings, <a href="https://www.smartkarma.com/entities/tata-motors-ltd" target="_blank" data-smartkarma-citation="entities:216:1" rel="noopener">Tata Motors Ltd (TTMT IN)</a> announced that it would delist its ADS, making an application on or around 13 January.</li>
<li>This sounds relatively benign because since 2004 when the ADS was listed, local funding capacity has increased substantially. It may no longer be needed. </li>
<li>But it is MUCH more interesting than that. There is lots of fun to be had here. </li>
</ul>


Yesterday, with earnings, Tata Motors Ltd (TTMT IN) announced that it would delist its ADS, making an application on or around 13 January.
This sounds relatively benign because since 2004 when the ADS was listed, local funding capacity has increased substantially. It may no longer be needed. 
But it is MUCH more interesting than that. There is lots of fun to be had here. 


Tata Motors ADS Delisting - Here We Go Again - Lots of Fun To Be Had!

<ul>
<li>There could be 17 changes for the Nifty200 Momentum 30 Index that will be implemented at the close on 30 December. Some changes from earlier following 45 new F&amp;O stocks.</li>
<li>If all changes are on expected lines, one-way turnover is estimated at 61.5% and that will result in a one-way trade of INR 63.4bn (US$752m).</li>
<li>The potential inclusions to the index have outperformed the potential deletions since the start of June. This trend could continue for a couple of weeks till the changes are announced.</li>
</ul>


There could be 17 changes for the Nifty200 Momentum 30 Index that will be implemented at the close on 30 December. Some changes from earlier following 45 new F&amp;O stocks.
If all changes are on expected lines, one-way turnover is estimated at 61.5% and that will result in a one-way trade of INR 63.4bn (US$752m).
The potential inclusions to the index have outperformed the potential deletions since the start of June. This trend could continue for a couple of weeks till the changes are announced.


NIFTY200 Momentum30 Index Rebalance Preview: More Changes with New F&O Stocks

India

Tata Motors Limited manufactures cars and commercial automotive vehicles in India. The Company designs, manufactures and sells heavy commercial, medium commercial and small commercial vehicles including trucks, tankers, vans, buses, ambulances and minibuses. Tata also manufactures small cars and sports utility vehicles.

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Tata Motors DVR (TTMT/A IN)

Tata Motors (TTMT IN) - JLR Margin Guidance Remains Flat for FY25

Prabhudas Lilladher's research report onTata Motors TTMT consolidated revenue for Q4FY24 grew by 13.3% YoY led by strong growth in its JLR & PV...

Prabhudas Lilladhar

Tata Motors - Earnings Flash - FY 2023-24 Results - Lucror Analytics

Tata Motors' Q4 and FY 2023-24 results were excellent in our view, with record high revenue and earnings. Net debt plunged by such a large amount...

Lucror Analytics

Tata Motors (TTMT IN) - Goodbye to the DVR Arb

The Tata Motors DVR arb will be a thing of the past in 12-15 months. The DVR line is trading at a 7% discount to scheme terms. There will be...

Brian Freitas

Tata Motors ADS Delisting - Here We Go Again - Lots of Fun To Be Had!

Tata Motors will delist its ADS and eliminate its programme. Delisting will be late January. Elimination up to 6mos later. That means extraordinary...

Travis Lundy

NIFTY200 Momentum30 Index Rebalance Preview: More Changes with New F&O Stocks

We forecast 17 changes a side for the index in Dec. Some of the changes have changed following 45 new F&O inclusions. The forecast adds have...

Brian Freitas

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