Synopsis
Tata Motors has returned to its CV core after 34 years, but the market isn’t rewarding its scale. Despite generating roughly 80% more revenue than Ashok Leyland, Tata’s valuation premium is a modest 37%. The market remains cautious, held back by cycle worries and uncertainty around the Iveco acquisition. Why the disconnect, and what could close the gap?
Ever since Ratan Rata’s mind went into building India’s first indigenously designed car – Indica – Tata Motors hardly discussed about its mainstay, the trucks. Nearly three decades later, it is hope and consternation, with a promise to focus on its core business and worries about finances as it folds the European truck maker Iveco into itself, bringing memories of Jaguar and Land Rover acquisition. Tata Motors has recast itself as a pure-play
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