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Tata Motors, Mahindra gain certificates for production-linked payouts

Launched in 2020, India's $24 billion production-linked incentive programme covers 14 sectors, ranging from electronic products to autos, and is crucial to boosting jobs in manufacturing, an area where India has struggled.

Reuters

August 30, 2023 / 11:04 AM IST

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Indian automakers Tata Motors and Mahindra and Mahindra have received domestic value certificates, a metric key to qualifying for payouts under the nation's production-linked incentive scheme, the government said on Tuesday.

Reuters reported this month that India's top bureaucrat reviewed the scheme, amid a push from industry for faster payouts.

The Indian government said on Tuesday that applicants under the scheme for autos had invested 107.55 billion rupees ($1.30 billion) as of the end of June.

Apart from Tata Motors and Mahindra, four other companies have applied for certification which is crucial for receiving the incentives, the government said, without naming the companies.

The government also said it expects 23 more firms to apply for the certification by the end of September.

Reuters

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first published: Aug 30, 2023 11:04 am

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Tata Motors launches Punch iCNG, price starts at Rs 7.1 lakh

The Punch iCNG is equipped with the company's proprietary twin-cylinder technology with enhanced safety features like a micro-switch to keep the car switched off at the time of refuelling and thermal incident protection that cuts off CNG supply to the engine and releases gas into the atmosphere, Tata Motors said in a statement.

PTI

August 04, 2023 / 02:17 PM IST

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Tata Motors on Friday launched the CNG variant of its micro SUV Punch priced between Rs 7.1 lakh and Rs 9.68 lakh (ex-showroom, Delhi).

It is also equipped with other features such as voice assisted electric sunroof, automatic projector headlamps, LED DRLs, 16-inch diamond cut alloy wheels, 7-inch infotainment system by Harman that supports Android Auto and Apple Carplay connectivity, rain sensing wipers and height adjustable driver seat.

The company also said it has also introduced the twin-cylinder technology on its Tiago and Tigor models.

The Tiago iCNG is priced between Rs 6.55 lakh and Rs 8.1 lakh, while the Tigor iCNG comes at a price range of Rs 7.8 lakh to Rs 8.95 lakh.

Tata Motors Passenger Vehicles Ltd Head-Marketing, Vinay Pant said these introductions put together will make the company's CNG line up "appealing, holistic, and stronger than ever".

PTI

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first published: Aug 4, 2023 02:17 pm

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Buy Tata Motors; target of Rs 743: KR Choksey

KR Choksey is bullish on Tata Motors has recommended buy rating on the stock with a target price of Rs 743 in its research report dated August 01, 2023.

Broker Research

August 02, 2023 / 10:42 PM IST

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KR Choksey's research report on Tata Motors

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TTMT’s consolidated revenue for Q1FY24 was INR 10,22,361 mn, a growth of 42.1% YoY but a decline of 3.5% QoQ. EBITDA for the quarter was INR 1,35,595 mn, which is a growth of 326.3% YoY/ 6.0% QoQ. EBITDA margin expanded by 884 bps YoY/ 118 bps QoQ to 13.3%. As per the company’s definition, consolidated EBITDA margin improved by 700 bps YoY, JLR EBITDA margins improved by 960 bps YoY, TML-CV EBITDA margin improved by 390 bps YoY while TML-PV EBITDA margin contracted by 80 bps YoY. PAT was INR 32,028 mn, a growth of 164.0% YoY from a loss of INR 50,066 mn reported in Q1FY23, and a decline of 40.8% QoQ.

Outlook

Outlook

We expect the company will grow at a CAGR of 17.5%/ 40.1% in revenues/EBITDA over FY23-25E. We value the JLR & Chery-JLR JV businesses at 2.4x EV/EBITDA, TML-CV at 13.0x EV/EBITDA, and TML-PV business at 14.5x EV/EBITDA, and a value of INR 40 per share for stake in Tata Technologies and arrive at a target price of INR 743 per share (from INR 615 earlier), implying an upside of 15.4%. Accordingly, we maintain our “BUY” rating on the shares of Tata Motors.

For all recommendations report, click here

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Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

Tata Motors - 01 -08 - 2023 - kr

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#KR Choksey

#Recommendations

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first published: Aug 2, 2023 10:39 pm

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