External broker reports(aggregated public sources), Sharekhan

Sharekhan

External broker reports(aggregated public sources)

Sharekhan is India's leading broking house providing services from easy online trading, research to wide array of financial products. 

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>TML (Tata Motors) has decided to separately list its CV and PV businesses as an individual entities in the equity market, with the related investments.</li><li>The PV entity would also include the EV and JLR divisions. The demerger is supposed to be implemented through an NCLT scheme of arrangement.</li><li>It is expected to take 12-15 months in completion of whole demerger process. </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.

TML (Tata Motors) has decided to separately list its CV and PV businesses as an individual entities in the equity market, with the related investments.The PV entity would also include the EV and JLR divisions. The demerger is supposed to be implemented through an NCLT scheme of arrangement.It is expected to take 12-15 months in completion of whole demerger process. 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 Ltd - Carving Separate Growth Paths for CVs & PVs

External broker reports(aggregated public sources), Emkay Global Financial Services Limited

Emkay

Emkay Global Financial Services Limited

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades. 

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.

<ul><li>TTMT’s board approved the proposal to demerge the company into two separate listed entities, viz a) CV and its related investments and b) PV, including India PV, EV, JLR, and related investments.</li><li>This comes across as a logical progression of separate reporting of the CV and India PV financials run by their respective CEOs (since 2021).</li><li>We believe this signifies management’s confidence that the two businesses can operate independently with self-sustaining cash flows. </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.

TTMT’s board approved the proposal to demerge the company into two separate listed entities, viz a) CV and its related investments and b) PV, including India PV, EV, JLR, and related investments.This comes across as a logical progression of separate reporting of the CV and India PV financials run by their respective CEOs (since 2021).We believe this signifies management’s confidence that the two businesses can operate independently with self-sustaining cash flows. 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 - Demerger to Enhance Focus on Respective Businesses

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

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.

<ul><li>Tata Motors (TTMT) has announced the demerger of its business verticals into two separate listed companies  which will house: 1) the commercial vehicle (CV) business and its related investments in one entity; and 2) the passenger vehicle (PV) business, including PVs, EVs, JLR, and related investments in another entity.</li><li>While the demerger seems to be a step in the right direction, we do not foresee any need to revisit our target price, which is already based on SoTP valuation.</li><li>Moreover, despite factoring in most of the positive triggers in our estimates, we get limited upside given the recent sharp run-up in the stock. </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.

Tata Motors (TTMT) has announced the demerger of its business verticals into two separate listed companies  which will house: 1) the commercial vehicle (CV) business and its related investments in one entity; and 2) the passenger vehicle (PV) business, including PVs, EVs, JLR, and related investments in another entity.While the demerger seems to be a step in the right direction, we do not foresee any need to revisit our target price, which is already based on SoTP valuation.Moreover, despite factoring in most of the positive triggers in our estimates, we get limited upside given the recent sharp run-up in the stock. 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 - Positives Seem Fully Priced In

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<ul>
<li>Tata Motors restructures, separating passenger and commercial vehicle businesses into distinct entities to unlock value in electric vehicles and Jaguar Land Rover unit.</li>
<li>Streamlines operations, enhances shareholder value, and capitalizes on growth opportunities in passenger and commercial vehicle sectors.</li>
<li>Offers investors specialized entities, unlocking hidden value, showcasing proactive adaptation to market changes, and positioning for sustainable growth in the automotive industry.</li>
</ul>


Tata Motors restructures, separating passenger and commercial vehicle businesses into distinct entities to unlock value in electric vehicles and Jaguar Land Rover unit.
Streamlines operations, enhances shareholder value, and capitalizes on growth opportunities in passenger and commercial vehicle sectors.
Offers investors specialized entities, unlocking hidden value, showcasing proactive adaptation to market changes, and positioning for sustainable growth in the automotive industry.


Decoding Tata Motors Demerger: The Way Ahead

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/robosense-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:39903:1" rel="noopener">Robosense Technology (2498 HK)</a> raised around US$126m in its Hong Kong IPO in Jan 2024. The lockup on its shareholders will expire soon.</li>
<li>The company provides LiDAR and perception solutions to its customers. As of March 2024, it had design wins for mass production of LiDAR products with 22 automotive OEMs and suppliers.</li>
<li>In this note, we talk about the upcoming lock-up expiry and possible deal dynamics.</li>
</ul>



Robosense Technology (2498 HK) raised around US$126m in its Hong Kong IPO in Jan 2024. The lockup on its shareholders will expire soon.
The company provides LiDAR and perception solutions to its customers. As of March 2024, it had design wins for mass production of LiDAR products with 22 automotive OEMs and suppliers.
In this note, we talk about the upcoming lock-up expiry and possible deal dynamics.


Robosense IPO Lock-Up Expiry - US$2.8bn Lockup Expiry for 99% of the Stock, CCASS Movement

India

Tata Motors Limited manufactures cars and commercial automotive vehicles. The Company designs, manufactures, and sells heavy, medium, 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 Ltd (TTMT IN)

Tata Motors Ltd - Carving Separate Growth Paths for CVs & PVs

TML (Tata Motors) has decided to separately list its CV and PV businesses as an individual entities in the equity market, with the related...

Sharekhan

Tata Motors - Demerger to Enhance Focus on Respective Businesses

TTMT’s board approved the proposal to demerge the company into two separate listed entities, viz a) CV and its related investments and b) PV,...

Emkay

Tata Motors - Positives Seem Fully Priced In

Moreover, despite factoring in most of the positive triggers in our estimates, we get limited upside given the recent sharp run-up in the...

Motilal Oswal

Decoding Tata Motors Demerger: The Way Ahead

A Detailed Analysis of Tata Motors Demerger to unlock value in EV and JLR, streamlining operations and enhancing shareholder value in passenger...

Nimish Maheshwari

Robosense IPO Lock-Up Expiry - US$2.8bn Lockup Expiry for 99% of the Stock, CCASS Movement

The pre-IPO shareholders came out of lockup today, leading to a 67% drop in the share price with an accompanying spike in volumes.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Tata Motors Ltd - Carving Separate Growth Paths for CVs & PVs

TML (Tata Motors) has decided to separately list its CV and PV businesses as an individual entities in the equity market, with the related...

Sharekhan

Tata Motors - Demerger to Enhance Focus on Respective Businesses

TTMT’s board approved the proposal to demerge the company into two separate listed entities, viz a) CV and its related investments and b) PV,...

Emkay

Tata Motors - Positives Seem Fully Priced In

Moreover, despite factoring in most of the positive triggers in our estimates, we get limited upside given the recent sharp run-up in the...

Motilal Oswal

Decoding Tata Motors Demerger: The Way Ahead

​A Detailed Analysis of Tata Motors Demerger to unlock value in EV and JLR, streamlining operations and enhancing shareholder value in passenger...

Nimish Maheshwari

Robosense IPO Lock-Up Expiry - US$2.8bn Lockup Expiry for 99% of the Stock, CCASS Movement

The pre-IPO shareholders came out of lockup today, leading to a 67% drop in the share price with an accompanying spike in volumes.

Sumeet Singh

A Detailed Analysis of Tata Motors Demerger to unlock value in EV and JLR, streamlining operations and enhancing shareholder value in passenger...