TMCV

Writes through with comments from CEOs

By Aditi Shah and Chandini Monnappa

May 14 (Reuters) - Jaguar Land Rover parent Tata Motors Passenger Vehicles TAMO.NS warned that rising commodity costs, exacerbated by the Iran war, will pressure margins across its lines, prompting cost cutting and a focus on more profitable high-end vehicles.

The conflict has disrupted global trade routes and energy markets, driving up prices of key inputs such as metals, petrochemicals and freight, and has pressed some companies to pass higher costs onto customers as price increases.

"This is very tough situation for us," Managing Director and CEO Shailesh Chandra told reporters after the company reported a drop in quarterly profit on Thursday.

The company has already raised prices once, with a hike effective April 1. Chandra said it would consider further increases if cost pressures persist.

Commodity prices had risen by about 5% over the past 9 to 12 months and were expected to remain volatile, he said.

He expected India's car sales to grow by 10% in the current fiscal year, and for Tata to outperform the industry, even as sharp increases in petrol and diesel prices threatened to weigh on the entry-level segment.

Last month, rival Maruti Suzuki India MRTI.NS also warned of a potential impact on demand for price-sensitive entry-level cars if petrol prices rise. India has so far not increased fuel prices.

JLR, which contributes about 80% of Tata's revenue, is also working on reducing costs and launching more premium cars to protect its margins from the war's impact.

"Oil is already at $100 plus and therefore the costs have started seeping through. Commodities inflation is likely to be sticky," JLR CEO PB Balaji told reporters on a separate post-earnings call.

"We have a task at our end to ensure that we make the business more resilient."

The Range Rover manufacturer said JLR was targeting $2.3 billion in cost savings over the next two years as it navigated a year with challenges ranging from uncertainty around global trade policy to a cyberattack that halted production, and most recently, a fire at one of its suppliers.

It plans to maintain its 18-billion-pound investment outlay over the five-year period from fiscal 2024.

Tata Motors Passenger Vehicles posted a profit drop of 31.7% to 57.83 billion rupees ($603.9 million) for the quarter ended March 31.

JLR's earnings before interest and taxes margin, a closely watched indicator of operational profitability, slid 780 basis points to 0.7% during fiscal 2026.

($1 = 95.7625 Indian rupees)

($1 = 0.7400 pounds)

(Reporting by Aditi Shah, Kashish Tandon and Chandini Monnappa; Editing by Mrigank Dhaniwala, Nivedita Bhattacharjee and Andrew Heavens)

((Chandini.M@thomsonreuters.com; https://www.linkedin.com/in/chandini-monnappa-8a37b013b/;))

May 13 (Reuters) - Tata Motors Ltd TATM.NS:

• TATA MOTORS LTD - NEAR TERM HEADWINDS INCLUDING COMMODITY COST PRESSURES ARE EXPECTED TO PERSIST

Further company coverage: TATM.NS

((Reuters.Briefs@thomsonreuters.com;))

The author is a Reuters Breakingviews columnist. The opinions expressed are her own.

By Shritama Bose

MUMBAI, May 8 (Reuters Breakingviews) - India Inc's global M&A push is coming at an inopportune time for its government. Sun Pharmaceutical Industries SUN.NS last week agreed to buy U.S.-based Organon OGN.N for $11.8 billion, months after Tata Motors' TATM.NS $4.4 billion deal to acquire Iveco's IVG.MI trucks unit. A quest for new markets and technology promises more outbound approaches. That may eventually hand New Delhi reasons to feel displeased.

Cross-border acquisitions by Indian groups are on the rise. In 2025, large-ticket transactions like Tata Motors' Iveco purchase and IT firm Coforge's COFO.NS $2.4 billion acquisition of U.S.-based Encora contributed to a $26 billion splurge on overseas assets, the most active year by volume since 2010, per Dialogic.

It's sensible for Indian companies sitting on a large cash balance to deploy it in markets where valuation multiples are lower, rather than to acquire richly valued local peers. Sun Pharma trades at 33 times forward earnings and is paying just 4 times that metric for similarly sized Organon; smaller Indian rivals like Torrent Pharma TORP.NS and Divi's Laboratories DIVI.NS trade at much higher multiples.

Access to richer markets in Asia, Europe and the U.S. is also a big draw, as is technological know-how. Tata Motors' TAMO.NS 2008 buyout of Jaguar Land Rover helped build its local range of electric cars. The incentive to buy tech firms is especially high as India's own investment in R&D, at 0.7% of GDP, lags the global average of 2%.

Interest in external assets will intensify as advances in artificial intelligence force groups from outsourcers to drugmakers to level up. Manufacturers investing in areas like defence, vehicle components and consumer electronics will look to bridge India's capability gap with the rest of the world.

New Delhi has so far been sanguine about the trend, seeing it as a sign of India Inc's growing clout on the global stage. That could change as outbound fund flows add to rising pressures on external balances. With a surging energy import bill and fund outflows, India could be staring at a third straight financial year of a negative balance of payments in the 12 months to the end of March 2027.

Part of the cash being splurged overseas stems from a 2019 decision to sharply cut the corporate tax rate; officials hoped that would encourage firms to invest more locally to stimulate growth and employment. While private spending is showing signs of life, its contribution to GDP is below historical levels.

In time, New Delhi may find those dimensions of India Inc's overseas shopping spree unpalatable and act against them. Until then, there's little reason for companies to stop gazing outwards.

Follow Shritama Bose on LinkedIn and X.

CONTEXT NEWS

Sun Pharmaceutical Industries on April 27 said it will buy ​U.S. drugmaker Organon in an all-cash deal valuing the target at about $11.75 billion including debt, making it ‌the largest overseas acquisition by an Indian pharmaceutical company.

Indian IT services provider Coforge said on December 26 it would acquire artificial intelligence firm Encora at an enterprise value of $2.35 billion to boost its in-house artificial intelligence capabilities and expand its presence in the U.S. and Latin America.

(Editing by Antony Currie; Production by Ujjaini Dutta)

((For previous columns by the author, Reuters customers can click on BOSE/shritama.bose@thomsonreuters.com))

May 7 (Reuters) - Italian truckmaker Iveco IVG.MI, set to be acquired by India's Tata Motors TATM.NS, said on Thursday its adjusted net result swung to a loss of 74 million euros ($87 million) in the first quarter, from a profit of 60 million euros a year ago.

Iveco also said that Tata Motors' tender offer was expected to close by the third quarter of 2026, and not in the second quarter as previously estimated.

• The negative results follow the sale of Iveco's defence unit to Italy's Leonardo DRS.O, which was finalised in March

• Q1 adjusted operating loss from industrial activities was 90 million euros, compared to a profit of 82 million euros in 2025

• Net revenue from industrial activities amounted to 2.8 billion euros in the quarter

($1 = 0.8510 euros)

(Reporting by Anna Uras in Gdansk, editing by Milla Nissi-Prussak)

((Anna.Uras@thomsonreuters.com))

Rewrites throughout with industry executive's comments, background

By Kashish Tandon

BENGALURU, May 5 (Reuters) - India's auto dealerships are bracing for potential ripple effects from the ongoing Middle East conflict on fuel prices and supply chains, a senior industry official said on Tuesday, after retail vehicle sales hit a record for April.

Disruptions linked to the conflict have been limited so far in the world's third-largest car market, but could start affecting auto part supplies over the coming months if the instability persists, Sai Giridhar, vice president of the Federation of Automobile Dealers Associations, said in an interview.

"There have been some instances of supply getting disrupted, particularly in parts shipments coming from Europe, mainly in the after-market and service side," Giridhar said.

While the impact is not broad‑based, the repercussions could last for a few months even if the conflict were to end, he said.

The comments reflect wider concerns about a prolonged Iran war and the consequent energy shock hitting growth and raising inflation in the world's most populous country. Industry leader Maruti Suzuki MRTI.NS has warned it could raise prices as the war pushes up commodity costs.

India's auto sector has been in a good spot over the last few months, as last September's tax cuts have made cars more affordable, with easier financing conditions and strong demand from towns and rural areas.

However, margins are likely to come under pressure, analysts have said, as rising steel, aluminium and freight costs tied to the war hit the bottomline.

For now, a potential sharp rise in fuel prices remains a key risk for consumer sentiment, Giridhar said.

Indian state refiners have raised prices of liquefied petroleum gas for industrial customers and jet fuel sold to foreign carriers, but prices of gasoline, diesel and cooking gas have not been raised for domestic customers.

Overall retail vehicle sales in April rose 12.9% year-over-year to a record high of 2.6 million units for that month, data released by the auto body showed.

Car sales in rural India jumped 20.4%, nearly three times the urban growth of 7.1%, driven in part by a revival in small-car sales.

(Reporting by Kashish Tandon in Bengaluru; Editing by Mrigank Dhaniwala and Dhanya Skariachan)

((Kashish.Tandon@thomsonreuters.com; 8800437922;))

May 1 (Reuters) - Tata Motors Ltd TATM.NS:

• APRIL 2026 SALES RISE TO 34,833 UNITS FROM 27,221 UNITS IN APRIL 2025

Source text: ID:nBSE7LWR6L

Further company coverage: TATM.NS

((Reuters.Briefs@thomsonreuters.com;))

By Neha Arora

NEW DELHI, April 28 (Reuters) - India's secondary aluminium producers, which rely on imported scrap, are facing shortages as the Middle East conflict disrupts supplies and drives up costs that are likely to be passed on to automakers, industry executives said.

India, one of the world's largest aluminium scrap importers, produces nearly half of its 4.2 million metric tons of aluminium through its secondary sector. The country depends heavily on scrap from the European Union, the U.S. and the Middle East, which accounts for about 30% of shipments.

"Various units are running at lower capacities and there are production cuts of 20-40%," said Jayant Jain, managing director at G. R. Metalloys, a leading producer based in the western city of Ahmedabad.

Scrap prices have jumped by nearly 30% since the Iran conflict began earlier this year, executives said, squeezing margins and depleting inventories.

"There is a hand-to-mouth situation in scrap plants because of shortages and price increase," said Sandeep Jain, managing director at Sunalco Alloys, adding that most companies have exhausted stocks.

The strain is expected to ripple through to the auto sector, dominated by companies such as Maruti Suzuki MRTI.NS, Tata Motors TATM.NS, Mahindra & Mahindra and Hyundai Motor India HYUN.NS, which together consume about 60% of domestically produced secondary aluminium.

"Due to the squeeze in scrap supplies, prices have been impacted, which will eventually be passed on to carmakers and ultimately, the buyers," said Dhawal Shah, managing partner at Metco Ventures.

India's auto industry body warned earlier this month of potential production disruptions, as well as higher input, fuel and freight costs due to the Middle East conflict.

Secondary producers are also grappling with a 2.5% import levy on scrap, which executives say is exacerbating cost pressures. A recyclers' body has sought intervention from the Prime Minister's Office to remove the tax, Reuters reported last week.

The government is studying the industry's request, Mines Secretary Piyush Goyal said.

A European industry lobby group has also asked India to exempt a 10% import duty on glass bottles and aluminium cans amid shortage fears linked to the Iran war. The conflict has already caused a shortage of Diet ​Coke, which is sold only in aluminium cans in India.

(Reporting by Neha Arora. Editing by Mayank Bhardwaj and Mark Potter)

((neha.dasgupta@tr.com; X: neha_5;))

April 16 (Reuters) - Iveco Group NV IVG.MI:

• SAID ON WEDNESDAY EXTRAORDINARY GENERAL MEETING ON TATA TAKEOVER, ORIGINALLY EXPECTED IN EARLY MAY, WILL TAKE PLACE AT LATER DATE

Further company coverage: IVG.MI

(Gdansk Newsroom)

((gdansk.newsroom@thomsonreuters.com; +48 58 769 66 00;))

India File is published every Tuesday. Think your friend or colleague should know about us? Forward this newsletter to them. They can also subscribe here.

By Ira Dugal

Once again, India's vast army of mom-and-pop investors is punching above its weight. While foreign funds rushed for the exits in March and shares in Asia's third-biggest economy logged their steepest monthly fall in six years, retail clients doubled down on their bets.

Are they spotting value early, or missing risks that foreign funds see? Write to me at ira.dugal@thomsonreuters.com.

And, the Reserve Bank of India puts banks under its radar for acting against the interests of the country's forex markets. Scroll down for more on that.

THIS WEEK IN ASIA

** US, Iran leave door open to dialogue after tense Islamabad talks

** Singapore tightens monetary policy as Iran war fuels inflation risks

** Iran war leaves crisis-scarred countries counting the cost

** China's factories snap years-long deflation spell on Iran war price shock

** Protracted Iran war narrows BOJ's rate hike options

CORRECTION VIEWED AS A BUYING OPPORTUNITY

In the central Indian town of Indore, 24-year-old Yash Raj Verma rubbed his hands in glee when markets took another dive in March as missiles flew in the Middle East war. "When everyone is selling, you should buy, I have understood that," said the home tutor who increased his monthly investments into stock funds by a quarter to 25,000 rupees ($268.49).

Millions of small-time investors like Verma remained unfazed in March when India's equity benchmark index Nifty 50 .NSEI fell 11% - the biggest monthly drawdown in six years. By contrast, foreign funds exited at a record pace.

The retail investors, who have pumped in an average of $2 billion a month over the past five years, have become crucial to Indian equity markets and are currently the main shock absorber for stocks as global money pulls back.

With Indian equity indices correcting rapidly since the Iran war began and threatening to magnify last year's underperformance - the worst in decades - analysts are watching closely to see if this class of investor buckles.

Data from the Association of Mutual Funds in India suggests they did not, at least in the month of March.

Equity-oriented mutual funds recorded net inflows of 404.5 billion Indian rupees in March 2026, up from 259.78 billion rupees in February. Inflows through monthly contribution plans like the one that Verma subscribes to, known as Systematic Investment Plans (SIPs), rose over 7% to a record 321 billion rupees.

While one-off factors like financial year-end contributions for tax saving may have helped, analysts said that investors used the fall in the market to bottom-fish.

Tarun Surana, a Mumbai-based independent distributor of mutual funds, said most of his clients had chosen to top up monthly investment plans during March's fall in equity markets.

"The correction appears to have been viewed as a buying opportunity rather than a trigger for risk aversion, leading to a meaningful pickup in equity inflows during the month," said Himanshu Srivastava, analyst at Morningstar Investment Research India.

PRESSURE ON COMPANY EARNINGS

The Iran war, now into its second month, has impacted sectors ranging from ceramics to glass manufacturing and restaurants, which have already seen business curtailed. Sentiment indicators like the HSBC India Purchasing Managers' Index have also declined.

Foreign investors expect that weakened growth will weigh on earnings of Indian firms, leaving equity indices looking overvalued despite the decline in prices.

Citing these concerns, Goldman Sachs downgraded India to 'market weight' from 'overweight' in a note dated March 26.

The negative sentiment has been reflected in flows, with foreign investors selling nearly $18 billion in Indian stocks in March and so far in April.

Domestic investors, though, see it differently.

The Nifty 50 typically trades at a 50% price-to-earnings premium to the MSCI Emerging Markets index .MSCIEF, Edelweiss Mutual Fund said in an April report, but that gap has now halved, pointing to a favourable medium-term outlook for Indian equities.

"We have seen many cycles and the market always comes back," said Lokesh Tiwari, a 43-year-old Abu Dhabi-based finance professional who typically invests 100,000 to 200,000 rupees a month in Indian equities but bought funds worth nearly 12 times that last month by repatriating his overseas money.

"Every time a correction happens, I look for opportunities."

MARKET MATTERS

India's central bank is looking into the unwinding of rupee arbitrage trades by banks after a recent order asking them to cut positions.

Banks offloaded a chunk of these positions to corporates, who are not allowed to take arbitrage bets, drawing the Reserve Bank of India's scrutiny.

The RBI is also likely to push ahead with a plan to ask lenders to report all offshore trades involving the Indian rupee, after a ballooning of arbitrage was seen to accelerate depreciation of the South Asian currency.

Read that Reuters Exclusive here.

THIS WEEK'S MUST-READ

The northern state of Haryana, home to the auto hub of Manesar, raised the minimum wage by 35% after factory workers protested rising living costs ‌as a result of the U.S.-Israeli war on Iran.

While retail prices of petrol and diesel have not been raised in India, cooking gas costs have risen.

Protests were also seen in nearby Noida, which also houses thousands of industrial units.

Higher wage costs will hurt Indian auto firms such as Tata Motors TATM.NS and Mahindra MAHM.NS, and push up prices in an economy where inflation is currently modest.

($1 = 93.1120 Indian rupees)

(Reporting by Ira Dugal; Editing by Muralikumar Anantharaman)

((Ira.Dugal@thomsonreuters.com; +91-9833024892;))

April 9 (Reuters) - Britain has awarded about 380 million pounds ($509.54 million) in funding to Agratas, the battery arm of India's Tata Group, to support the transition to zero-emission vehicles, the government-backed Advanced Propulsion Centre (APC) said on Thursday.

Here are some details on the announcement from the UK's Advanced Propulsion Centre (APC), with the funding forming part of a broader 470 million pound grant:

• The investment forms part of a broader 470 million pound government grant package and will support Agratas' planned gigafactory in Somerset, enhancing domestic electric vehicle (EV) battery production and strengthening supply chains for zero-emission transport, the APC said.

• The grant to Agratas was proposed last year by the Department for Business and Trade.

• Agratas, established to support Tata Motors TATM.NS and Jaguar Land Rover, is building what is set to be Britain's largest electric vehicle battery plant in Somerset, with expected capacity of about 40 gigawatt-hours.

• "By funding our automotive sector, we are creating the right conditions for increased investment, economic growth, and jobs across the country," Minister for Industry Chris McDonald said in a statement.

• The Somerset plant is expected to supply Jaguar Land Rover and could in future also supply other carmakers, helping support thousands of jobs.

• The remaining government grants were allocated to winners across major collaboration, research and development, and investment programmes run by the government, the APC said.

• APC works with the government and industry to support investment in zero-emission vehicle and battery manufacturing in Britain.

($1 = 0.7458 pounds)

(Reporting by Nithyashree R B and Pushkala Aripaka in Bengaluru; Editing by Tasim Zahid)

((NithyashreeRB@thomsonreuters.com))

April 7 (Reuters) - Tata Motors Ltd TATM.NS:

• LAUNCHES TATA INTRA EV PICKUP AT AN UNMATCHED PRICE OF 1.2 MILLION RUPEES

Further company coverage: TATM.NS

((Reuters.Briefs@thomsonreuters.com;;))

April 1 (Reuters) - Tata Motors Ltd TATM.NS:

• TATA MOTORS LTD - MARCH 2026 SALES RISE 17% TO 47,976 UNITS

• TATA MOTORS - IN MARCH, MONTHLY DOUBLE-DIGIT YOY SALES GROWTH SAW SOME MODERATION AMID ONGOING CONFLICT IN WEST ASIA

• TATA MOTORS LTD - CLOSELY TRACKING GEOPOLITICAL DEVELOPMENTS AND EVOLVING MACRO ENVIRONMENT

• TATA MOTORS LTD - HAVE PUT IN PLACE APPROPRIATE MITIGATION MEASURES TO STRENGTHEN RESILIENCE AND MANAGE PRODUCTION CONTINUITY

Source text: ID:nBSEDFrK1

Further company coverage: TATM.NS

((Reuters.Briefs@thomsonreuters.com;;))

Repeats to additional subscribers, with no change to text

By Aditi Shah

NEW DELHI, March 26 (Reuters) - India has asked automakers and parts suppliers to tighten production schedules to conserve fuel amid fears of shortages caused by disrupted oil and gas imports from the Gulf due to the Iran war, a government memo seen by Reuters shows.

The heavy industries ministry has also urged companies to shift factory operations from oil-based fuels to electricity and to use recycled aluminium or alternative materials as shortages and costs rise, according to the March 25 advisory.

For India, one of the world's largest oil and gas importers, the advisory underscores the government's mounting concern over the conflict and its disruption to energy flows, supply chains and availability of raw materials.

India's ministry of heavy industries did not immediately respond to a request for comment.

The government has already prioritised use of gas for households over industries, which get only about 80% of their average needs.

Some parts suppliers to India's leading carmakers like Maruti Suzuki MRTI.NS, Tata Motors TAMO.NS and Mahindra MAHM.NS are already reporting a shortage of gas to power operations at a time when vehicle sales are booming.

The ministry wants the sector to do more.

"Wherever technically feasible, a transition from oil-based fuels to electricity may be considered. Further, production schedules may be optimised to minimise idle and standby fuel consumption," the ministry said in its note.

The government wants companies to use recycled aluminium where possible and explore the use of alternative materials for packaging and other non-critical applications to reduce "demand pressure" amid shortages which are already affecting beer makers.

"I don't know how much we can change in the factory, but the takeaway is that this war is going to go on for a long time and we should be prepared," said an executive at an Indian carmaker.

(Reporting by Aditi Shah, Editing by William Maclean)

((aditi.shah@tr.com; +91-11-4954 8023, +91-11-3015 8023; Reuters Messaging: twitter: @aditishahsays))

By Aditi Shah

NEW DELHI, March 26 (Reuters) - India has asked automakers and parts suppliers to tighten production schedules to conserve fuel amid fears of shortages caused by disrupted oil and gas imports from the Gulf due to the Iran war, a government memo seen by Reuters shows.

The heavy industries ministry has also urged companies to shift factory operations from oil-based fuels to electricity and to use recycled aluminium or alternative materials as shortages and costs rise, according to the March 25 advisory.

For India, one of the world's largest oil and gas importers, the advisory underscores the government's mounting concern over the conflict and its disruption to energy flows, supply chains and availability of raw materials.

India's ministry of heavy industries did not immediately respond to a request for comment.

The government has already prioritised use of gas for households over industries, which get only about 80% of their average needs.

Some parts suppliers to India's leading carmakers like Maruti Suzuki MRTI.NS, Tata Motors TAMO.NS and Mahindra MAHM.NS are already reporting a shortage of gas to power operations at a time when vehicle sales are booming.

The ministry wants the sector to do more.

"Wherever technically feasible, a transition from oil-based fuels to electricity may be considered. Further, production schedules may be optimised to minimise idle and standby fuel consumption," the ministry said in its note.

The government wants companies to use recycled aluminium where possible and explore the use of alternative materials for packaging and other non-critical applications to reduce "demand pressure" amid shortages which are already affecting beer makers.

"I don't know how much we can change in the factory, but the takeaway is that this war is going to go on for a long time and we should be prepared," said an executive at an Indian carmaker.

(Reporting by Aditi Shah, Editing by William Maclean)

((aditi.shah@tr.com; +91-11-4954 8023, +91-11-3015 8023; Reuters Messaging: twitter: @aditishahsays))

** Shares of Tata Motors TATM.NS rise as much as 2.11%

** Company says it will raise prices of its commercial vehicles by up to 1.5% from April 1

** Company says the hike is aimed at partially offsetting rising commodity prices and other input costs

** Follows price hike announced by Mercedes-Benz India last week

** Stock rated as "buy" on average by 17 analysts; median PT at 532 rupees, as per data compiled by LSEG

** YTD, stock down 6.7% vs Nifty Auto index down 11.2%

(Reporting by Mridula Kumar in Bengaluru)

((Mridula.Kumar@thomsonreuters.com;))

** Tata Motors TATM.NS rises as much as 2.06% to 434.60 rupees; last up 1.7%

** Commercial vehicles maker said on Friday it secured pan-India orders for more than 5,000 buses from multiple state transport undertakings

** Stock on track to snap three sessions of losses

** TATM rated "buy" on average; median PT is 532 rupees, per data compiled by LSEG

** YTD, stock up 2.44%

(Reporting by Surbhi Misra in Bengaluru)

((Surbhi.Misra@thomsonreuters.com | X: https://twitter.com/SurbhiMisra_ |;))

March 13 (Reuters) - Tata Motors Ltd TATM.NS:

• WIN PAN-INDIA ORDERS OF OVER 5,000 BUSES FROM MULTIPLE STATE TRANSPORT UNDERTAKINGS

Source text: ID:nNSE3L83V8

Further company coverage: TATM.NS

((Reuters.Briefs@thomsonreuters.com;;))

March 5 (Reuters) -

• INDIA AUTOMAKERS DELAY MIDEAST SHIPMENTS AS IRAN WAR SNARLS EXPORTS- BLOOMBERG NEWS

• INDIA AUTOMAKERS DELAY MIDEAST SHIPMENTS AS IRAN WAR SNARLS EXPORTS- BLOOMBERG NEWS

Source text: https://tinyurl.com/zk49bzrx

Further company coverage: HYUN.NS

((Reuters.Briefs@thomsonreuters.com;))

** Tata Motors TATM.NS gains as much as 2.25% to record high of 502.4 rupees apiece; stock last up 1.6%

** Commercial vehicle maker listed in November after demerger from Tata Motors Passenger Vehicles TAMO.NS and has since risen 92.7%

** CLSA initiates coverage of TATM with an "outperform" rating and a price target of 673 rupees apiece, implying a potential upside of 40%

** CLSA's price target is the highest among 17 analysts tracking TATM with an average rating of "buy", as per data compiled by LSEG

** "Stars are aligning for TATM as both India and Europe are heading into CV upcycle, setting the stage for a robust volume and margin rebound," says CLSA

** Adds EV adoption in light CVs in India and EU and the deal with Italy's Iveco will bring strategic benefits

(Reporting by Bharath Rajeswaran in Bengaluru)

((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))

Feb 24 (Reuters) -

• TATA SONS DEFERS BOARD MEETING - ET CITING SOURCES

• TATA SONS EXECUTIVE CHAIRMAN CHANDRASEKARAN ASKED FOR A DEFERMENT OF TALKS ON HIS REAPPOINTMENT - ET

Further company coverage: TATAS.UL

((Reuters.Briefs@thomsonreuters.com;;))

** Shares of Tata Motors TATM.NS up 2% at 482 rupees

** Commercial vehicles maker says Indonesian subsidiary got order for Yodha and Ultra T.7 vehicles, totalling 70,000 units

** Biggest order for Tata Motors Indonesia - co

** Stock, on avg, rated "buy" by 16 analysts covering it; median TP 515 rupees - data compiled by LSEG

** YTD stock up about 16%

(Reporting by Hritam Mukherjee in Bengaluru)

((Hritam.Mukherjee@thomsonreuters.com;))

Feb 10 (Reuters) - Tata Motors Ltd TATM.NS:

• TATA MOTORS INDONESIA SECURES ORDER FOR 70,000 YODHA, ULTRA T.7 VEHICLES

Source text: ID:nNSE48ZnR

Further company coverage: TATM.NS

((Reuters.Briefs@thomsonreuters.com;))

Feb 9 (Reuters) - Tata Motors Ltd TATM.NS:

• TATA MOTORS LTD - INCORPORATES AIEQU MOBILITY LIMITED AS SUBSIDIARY

Source text: ID:nBSE5NNcQf

Further company coverage: TATM.NS

((Reuters.Briefs@thomsonreuters.com;))

** Shares of India's top commercial vehicle maker Tata Motors TATM.NS fall as much as 4.2% to 450.55 rupees, last down 1.1%

** Co reports 60.4% decline in quarterly profit to 5.61 billion rupees ($61.04 million)

** Q3 revenue rises to 203.15 billion rupees from 168.97 billion rupees the year before

** Ambit Insights says while PAT had a one-time impact, underlying operational health is stellar

** Brokerage says overall, positive macros, stricter working capital control, GST 2.0 led logistics demand and better fleet owner profitability are tailwinds for growth

** Emkay Research says overall CV demand environment remains constructive, with double-digit growth likely to sustain till H1FY27 – TMCV should lead this multi-year upcycle

** Shares up 12% so far this month

($1 = 91.9020 Indian rupees)

(Reporting by Brijesh Patel in Bengaluru)

((Brijesh.Patel1@thomsonreuters.com; Ph no. +91 9590227221;))

Jan 29 (Reuters) - India's top commercial vehicle maker Tata Motors TATM.NS reported a 60.4% decline in third-quarter profit on Thursday, hurt by a one-time charge.

The truck and bus manufacturer reported a profit of 5.61 billion rupees ($61 million) for the quarter to December 31, down from 14.17 billion rupees the year before.

The company took a one-time charge of 15.45 billion rupees due to demerger related costs and India's recently enacted labour code.

($1 = 91.9980 Indian rupees)

(Reporting by Nandan Mandayam in Bengaluru; Editing by Mrigank Dhaniwala)

((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))

Jan 26 (Reuters) - The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy.

The Times

- Housing tycoon Jeff Fairburn and hedge fund Elliott are taking Lloyds Banking Group LLOY.L to the High Court in a multimillion-pound row over who should foot the bill for houses that fail to meet post-Grenfell fire safety requirements.

The Guardian

- The UK and nine other European countries have agreed to build an offshore wind power grid in the North Sea in a landmark pact to turn the ageing oil basin into a "clean energy reservoir".

The Telegraph

- Jaguar Land Rover TATM.NS is exploring plans to develop a new petrol-powered engine. The company is reportedly drawing up proposals for a vehicle powered partly by a combustion engine, despite earlier pledges to go "all electric".

Sky News

- One of Britain's most prominent online beauty retailers, Beauty Bay is exploring options to raise new funding through a process that could lead to an outright sale.

- Britain's largest operator of private hospitals, Spire Healthcare Group SPI.L is in talks with a pack of buyout firms about a takeover that would result in it becoming the latest FTSE-250 company to disappear from the London stock market.

(Compiled by Bengaluru newsroom)

((globalnewsmonitoring@thomsonreuters.com))

Jan 23 (Reuters) -

• CHINA’S CHERY WOULD USE A BRITISH PLANT OWNED BY JAGUAR LAND ROVER TO MANUFACTURE CARS - FT

• CHERY PLAN TO USE BRITISH JLR PLANTS ON AGENDA FOR STARMER’S BEIJING TRIP - FT

Source text: [ID:]

Further company coverage: 9973.HK

((Reuters.Briefs@thomsonreuters.com;))

** Shares of Indian commercial vehicle maker Tata Motors TATM.NS up 3% to 448.30 rupees

** Nomura initiates coverage on stock with "Buy" rating, PT of 481 rupees - about 11% upside from last close

** Brokerage says a clear improvement in fleet operator economics, driven by lower GST cuts and better freight rates, will lead to higher profitability

** TATM's India business is likely to benefit from the expected upcycle, given its dominant market share of ~46% in the domestic MHCV industry in FY25

** Expect healthy 10%/10%/5% yoy volume growth in FY26-28F, with EBITDA margins expanding to 12%-13% over FY26-28F - Nomura

** The average rating of seven analysts tracking TATM is "Buy"; the median price target is 487.50 rupees, per data compiled by LSEG

(Reporting by Brijesh Patel in Bengaluru)

((Brijesh.Patel1@thomsonreuters.com; Ph no. +91 9590227221;))

Jan 1 (Reuters) - Tata Motors Ltd TATM.NS:

• TOTAL CV SALES AT 115,577 UNITS IN Q3FY26

Source text: ID:nNSE9FslCx

Further company coverage: TATM.NS

((Reuters.Briefs@thomsonreuters.com;;))

** Shares of Indian commercial vehicle makers Tata Motors TATM.NS and Ashok Leyland ASOK.NS climb 4.6% and 2%, respectively

** Nomura begins coverage of TATM with "Buy" and PT of 481 rupees, second-highest on Street, lifts ASOK's PT to St-high 196 rupees

** Brokerage sees pace of Indian CV sales growth picking up on improving affordability and as higher freight rates boost profitability for fleet operators

** Industry-wide CV sales growth for FY26, FY27 to rise to 8%-10% from 5%-6% - Nomura

** On ASOK, Nomura sees co's sales of medium & heavy CVs to rise 10% in FY26, FY27 (vs 5% and 6% earlier)

** Adds, ASOK remains brokerage's top pick in Indian CV sector

** On average, analysts rate both stocks "Buy" - data compiled by LSEG

** ASOK is up nearly 61% vs auto stocks' .NIFTYAUTO ~21% rise; TATM up 23% since listing mid-November

(Reporting by Nandan Mandayam in Bengaluru)

((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))