Overview

• Shareholders received a 1:1 allotment of Tata Motors Commercial Vehicles (TMLCV) shares, with the passenger-vehicle stock now trading ex-demerger around ₹400 versus a pre-split close near ₹661 in a mechanical adjustment.
• The commercial-vehicle entity is expected to list within about 60 days of the October 14 record date, with some brokerages suggesting an indicative trading range of ₹320–₹470 depending on market conditions.
• Nomura splits target prices almost evenly between the two businesses at ₹365 for CV and ₹367 for PV, maintains a Neutral stance, and notes potential index-weight related technical pressure.
• Jaguar Land Rover has begun a phased restart after last month’s cyberattack, with management indicating demand remains intact and production should improve in the coming weeks.
• The CV unit will absorb the planned Iveco acquisition targeted for April 2026 with initial debt financing and roughly 40% equity later, while demand tailwinds include GST reductions and expected industry recovery.