Buy TATA Motors; target of Rs 565: Motilal Oswal

"India’s specialty chemicals industry is a decadal growth opportunity and it is still not too late to participate in the value creation process. We prefer CRAMS/CSM players Navin Fluorine (Navin) and PI Industries (PI) as they provide long-term earnings visibility. We also like UPL due to robust growth outlook and reducing debt concerns and SRF due to rising contribution from the chemicals business," JM Financial research report.

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Motilal Oswal's research report on TATA Motors

TTMT’s 2QFY22 performance was heavily impacted by the semiconductor shortage in JLR and India. Operating performance beat in JLR was driven by a favorable mix and lower fixed cost. India CV business missed our estimates due to commodity cost pressures. We expect a strong recovery/ traction in JLR/India businesses from 3QFY22E onwards.

Outlook

We have lowered our FY22E/FY23E EPS estimate by PTL/8% to account for the lost sales due to the ongoing semiconductor shortage as well as higher competitive intensity in the CV business. We maintain our Buy rating with a TP of INR565/share (Sep’23E SoTP-based).

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