Nomura India has maintained a 'Neutral' rating on Tata Motors Ltd following the effective demerger of its Commercial Vehicle (CV) and Passenger Vehicle (PV, including EV and Jaguar Land Rover) businesses. Today is the record date for shareholder entitlements.

The foreign brokerage has split its post-demerger target price almost evenly between the two entities, assigning Rs 365 per share for the CV business and Rs 367 per share for the PV business. The PV entity comprises Tata Motors’ domestic passenger vehicle operations, the JLR business, stakes in Tata Sons, Tata Steel, Tata Technology, and other investments, while the CV entity includes the domestic commercial vehicle operations, the upcoming Iveco acquisition in 2026, and a stake in Tata Capital. Advertisement

For the PV business, m

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