Buy Tata Motors; target of Rs 490: ICICI Direct

It seems that nationwide lockdown has not much impacted the fertilizer sector. In May 2020, the Indian Fertiliser industry has witness sales growth of 25% to 5 million tonnes as compared to 4 million tonnes in the same month last year.  Coromandel International and Chambal Fertilisers have seen major sales growth in the sector. The research firm Prabhudas Lilladher is bullish on 5 stocks in the sector and among that they expect stock Insecticides India may see the upside of 82 percent, report dated June 09, 2020.

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26 Aug, 2025 12:21

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ICICI Direct's research report onTata Motors

The company is aiming to increase market share in >16 T from 55-56% to 60% in two years on the back of launches (six new launches in FY18) in segments where it lacks a significant presence. TML has planned four new products in the ILCV segment in FY18. On the PV side, the company expects a good response to its compact SUV-Nexon.

We remain positive on sustained earnings growth for the JLR business as the product pipeline grows and market share increases across geographies. We value the stock on an SOTP basis, with JLR on 3.1x EV/EBIDTA basis contributing Rs 394/share (excluding JV) while the domestic business contributes Rs 26/share. Inclusive of other subsidiaries, we arrive at a target price of Rs 490.

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