Tata Motors

Sept 17 (Reuters) - Tata Motors Passenger Vehicles Ltd TAMO.NS:

• TATA TRUSTS MAINTAIN THAT RESOLUTION TO RE-APPOINT CHANDRASEKARAN AS CHAIRMAN, TATA SONS, IS ILLEGAL - NOEL TATA

• TATA TRUST SAYS NOEL TATA, ONE OF TATA TRUSTS NOMINEE DIRECTORS, VOTED AGAINST PROPOSAL, IT WAS RENDERED LEGALLY VOID AND WITHOUT ANY BASIS

  
  

Further company coverage: TAMO.NS

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By Gopika Gopakumar

MUMBAI, Sept 15 (Reuters) - The Reserve Bank of India (RBI) — the country's central bank and banking regulator — has pre-emptively approached the courts seeking to be heard in any matter filed related to the listing of Tata Sons, a source directly familiar with the matter said.

The move follows the RBI's rejection of Tata Sons' application to deregister as a non-banking financial company (NBFC), a decision that pushes the holding company closer to a stock market listing. Reuters reported on Saturday that the RBI had communicated its decision in a letter to Tata Sons.

Factions within the group have resisted a listing, according to local media reports.

The RBI has filed what in legal parlance is known as a 'caveat' in the Bombay High Court which will allow the central bank to be heard if a petitioner challenges its decision or seeks a stay, the source said, declining to be identified as they are not authorised to speak to the media.

This was done "as a routine measure to ensure it is heard in any proceedings challenging the decision or seeking a stay," the source said.

RBI and Tata Sons did not reply to emailed requests for comment from Reuters.

Tata Sons, the century-old holding company of the Tata Group, has businesses including Tata Consultancy Services TCS.NS, Tata Motors TATM.NS, Tata Steel TISC.NS and Air India.

Shares of group companies rose on Tuesday.

It falls under the RBI's purview as it is currently registered as a core investment company.

Under RBI rules, all non-bank financiers including core investment companies with assets exceeding 1 trillion rupees ($10.45 billion) or access to public funds are required to list.

Tata Sons reported standalone assets of 1.75 trillion rupees as of March 2025, the latest data available.

(Reporting by Gopika Gopakumar; Editing by Muralikumar Anantharaman)

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Tata Motors scheduled a physical group meeting with 12 analysts and institutional investors for September 22, 2026, at 10:00 a.m. IST. The participants included Temasek Holdings, Alliance Bernstein, Goldman Sachs Proprietary Services and several asset managers. A similar physical group meeting with analysts and investors was scheduled for September 2. The commercial-vehicle business reported Q1 FY27 consolidated revenue of ₹19,667 crore and an EBITDA margin of 11.7%.

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Sept 7 (Reuters) - The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy.

Headlines

• Far-right AfD surges to first place in German state elections

• Trump envoys hold talks with Zelenskyy in Kyiv after meeting Putin in Moscow

• Jaguar Land Rover plans up to 4,000 job cuts as Chinese rivals pile on pressure

• UBS demands new junior bankers show AI proficiency

Overview

• The Alternative for Germany (AfD) surged into first place in state elections in Saxony-Anhalt on Sunday, exit polls showed, putting a far-right party within reach of power at the state level for the first time since World War Two.

• Tata Motors TATM.NS -owned Jaguar Land Rover is planning to cut as many as 4,000 jobs over the next two years as the British carmaker slashes costs in response to pressure from cheaper Chinese rivals.

• U.S. peace envoys Jared Kushner and Steve Witkoff held talks Ukrainian President Volodymyr Zelenskiy in Kyiv on Sunday as the Trump administration renewed its push to end Russia's four-and-a-half-year war in Ukraine.

• UBS UBSG.S is demanding that prospective junior investment bankers show proficiency in AI as a hiring requirement.

(Compiled by Bengaluru newsroom)

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On 3 September, Italy's Consob approved the offer document for Tata Motors' voluntary tender offer, through TML CV Holdings B.V., for all common shares of Iveco Group. The acceptance period was set to run from 7 September to 26 October 2026, unless extended, at a consideration of €14.10 per share including dividend. Payment was scheduled for 30 October, with a possible five-day reopening from 2 to 6 November and payment on 13 November. Tata Motors announced the all-cash offer at a value of €3.8bn in July 2025, while UK FCA, Bank of Spain and ECB authorisations had been obtained by 1 September. The publication and distribution arrangements for the offer document were to be covered in a subsequent press release.

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The following factors could affect Italian markets on Wednesday.

Reuters has not verified the newspaper reports, and cannot vouch for their accuracy. New items are marked with (*).

DEBT

Italy posted a state sector budget deficit of €12.3 billion ($14.25 billion) in August compared to a shortfall of €204 million in the same month last year, the Treasury said in a statement on Tuesday.

COMPANIES

(*) LOTTOMATICA LTMC.MI

The Italian betting firm will take over Spain's Cirsa CIRSA.MC to create a global gaming player whose top shareholder will be U.S. private equity firm Blackstone BX.N, the two companies said on Wednesday.

(*) SNAM SRG.MI

Italian firms F2i, Edison EDNn.MI and Retina Biometano have been admitted to the final stage of the sale process for Bioenerys, the biomethane unit of the Italian gas grid operator, Il Sole 24 Ore reported on Wednesday. Retina Biometano is reportedly interested in acquiring the whole of Bioenerys, while F2i and Edison are interested in different units of the company, Il Sole added.

(*) ENEL ENEI.MI

Three Indian companies - Purvah Green Power, Inox Clean Energy and Hexa Climate Solutions - have submitted binding bids to acquire 100% of Enel Green Power India, Enel's Indian renewable energy unit, MF daily reported on Wednesday, citing local sources.

Purvah Green Power is a unit of Indian power utility CESC CESC.NS.

(*) AVIO AVI.MI

Berenberg on Wednesday initiated coverage of the rocket maker with a 'hold' rating and a target price of €33.

INTESA SANPAOLO ISP.MI, MONTE DEI PASCHI BMPS.MI

Italy's largest bank does not expect its buyout offer for Monte dei Paschi di Siena to be hampered by defence bids mounted by its takeover target or by clarifications sought by the markets watchdog, a person close to the matter said on Tuesday.

IVECO IVG.MI

The truck-maker said on Tuesday that all prior regulatory approvals had been obtained in connection with the offer launched for it by India's Tata Motors.

STELLANTIS STLAM.MI

The Franco-Italian automaker's new car sales in Italy rose 6.1% in August, the Italian transport ministry reported on Tuesday, outperforming a 3.15% increase in overall Italian car registrations during the month.

BPER BANCA EMII.MI

The lender said on Tuesday it would launch on Sept 2 its share buyback programme and the early termination of the Total Return Swap (TRS) on BPER shares. As part of the programme, BPER ordinary shares may be purchased not exceeding 3% of its share capital, for a maximum total value of €750 million.

LEONARDO LDOF.MI

The Italian defence company on Tuesday named Stefano Villanti as managing director of its helicopters division.

The list of companies comprising Italy's blue chip FTSE MIB stock index is due to be updated on Wednesday.

For Italian market data and news, click on codes in

brackets:

20 biggest gainers (in percentage).............PG.MI

20 biggest losers (in percentage)..............PL.MI

FTSE IT allshare index .FTITLMS

FTSE Mib index........ .FTMIB

FTSE Allstars index... .FTSTAR

FTSE Mid Cap index.... .FTITMC

Stories on Italy...... IT-LEN

For pan-European market data and news, click on codes in

brackets:

European Equities speed guide...................EUR/EQUITY

FTSEurofirst 300 index...............................FTEU3

DJ STOXX index.......................................STOXX

Top 10 STOXX sectors............................PGL.STOXXS

Top 10 EUROSTOXX sectors.......................PGL.STOXXES

Top 10 Eurofirst 300 sectors....................PGL.FTEU3S

Top 25 European pct gainers........................PG.PEUR

Top 25 European pct losers.........................PL.PEUR

Main stock markets:

Dow Jones................DJI Wall Street report ......N

Nikkei 225..............N225 Tokyo report.............T

FTSE 100................FTSE London report............L

Xetra DAX..............GDAXI Frankfurt market stories.F

CAC-40..................FCHI Paris market stories....PA

World Indices.....................................0#.INDEX

Reuters survey of world bourse outlook.........EQUITYPOLL1

Western European IPO diary..........................WEUIPO

European Asset Allocation........................EUR/ASSET

Reuters News at a Glance: Equities...............TOP/EQE

Main currency report:...............................FRX/

Tata Motors’ indirect wholly owned subsidiary, TML CV Holdings B.V., obtained all prior sector regulatory authorisations required for its voluntary tender offer for all common shares of Iveco Group. The European Central Bank issued the final authorisation on September 1 for the offeror’s indirect qualifying holdings in IC Financial Services SA and CNH Industrial Capital Europe S.A.S., both in France. The UK Financial Conduct Authority had approved the relevant change in control in January, while the Bank of Spain issued its non-opposition in June. The offer document was due to be published after Consob completed its review. The all-cash €3.8bn offer was announced in July 2025 and was for Iveco’s issued common shares.

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Sept 1 (Reuters) - Tata Motors Ltd TATM.NS:

• TATA MOTORS - TOTAL SALES IN AUGUST AT 44,411 UNITS

Source text: ID:nBSE9sQhtf

Further company coverage: TATM.NS

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The author is a Reuters Breakingviews columnist. The opinions expressed are her own.

By Shritama Bose

MUMBAI, Aug 21 (Reuters Breakingviews) - India's most respected conglomerate has an opportunity to take an important step forward. In a bid to improve governance, charitable trusts controlling the $280 billion Tata salt-to-IT group formally split ownership from management in 2022 by giving Tata Sons, the unlisted holding company, its own chair. The fractious departure of the latest person to hold that position, N. Chandrasekaran, suggests the reform fell short. If the trusts' ultimate goal is to maximise income to fund their philanthropic mandate, they should resist reimposing central control and give the next chair greater authority.

Set up by founder Jamsetji Tata in 1892, the Tata Trusts are a cluster of charities aiming to advance social and economic development. Their activities, ranging from building hospitals to sponsoring sports in India's hinterland, are financed through dividends drawn from their 66% stake in Tata Sons. This income grew more than 11-fold during the four years ended March 31 to 29.4 billion rupees ($307.24 million). The charity work, and the founder's insistence that Tata group companies look after employees to a high standard, has made its brand synonymous with public service.

In the long term, however, indirectly owning large or majority stakes in some 31 companies ranging from $87 billion Tata Consultancy Services TCS.NS to $18 billion Tata Motors TATM.NS may not be the best way for the trusts to fund their mission. A true arm's-length separation between the charities and the holding company, with the latter making minority investments like a pension or sovereign fund, may be more lucrative.

The current structure is the worst of all worlds because it has allowed the trusts to cling onto power. The two main charities don't just nominate one-third of directors on Tata Sons' board, they also hold veto rights over its decisions. Any investment of more than 1 billion rupees ($10.45 million) gets kicked up to the board, a threshold so low that the charities have the final say over most spending.

As a result, the trusts have someone to blame if they don't like performance but are not delegating enough power for the holding company chair to maximise returns. It has led to bizarre decisions that jeopardise the charities' future income, such as the purchase of struggling carrier Air India from the government. By contrast, the not-for-profit foundation Robert Bosch Stiftung has no influence on the strategic or business orientation of Germany's Bosch despite owning 94%.

Tata is much more complex and no corporate structure is immune to boardroom clashes of the sort that culminated in Chandra's exit. The root of his departure revolved around a unique disagreement over whether to list the holding company, which would fundamentally change the group's structure. Nonetheless, now that he's on the way out, the trusts have an opportunity to reflect on how best to fulfill their philanthropic mandate.

Follow Shritama Bose on LinkedIn and X.

CONTEXT NEWS

Tata Trusts, the charities controlling India's Tata group of companies, said on August 13 that trustees of the Sir Dorabji Tata Trust have passed a resolution to set up a selection committee to recommend a new Chairman for Tata Sons. N. Chandrasekaran on August 12 said he would not offer himself for a third term as chair of Tata Sons, citing the absence of unanimous support from the board for his re-appointment.

(Editing by Una Galani; Production by Aditya Srivastav)

((For previous columns by the author, Reuters customers can click on BOSE/[email protected]))

By Aditi Shah and Jayshree P Upadhyay

NEW DELHI, Aug 13 (Reuters) - The exit of the chairman of Tata Sons from India's storied tea-to-tech conglomerate may pause bitter disputes with its controlling charity, but has ignited worries about the power of the philanthropic arm, which has now forced out two chiefs.

The departure of N. Chandrasekaran has raised concern over the continuity and stability of the 158-year-old group battling with losses in aviation and e-commerce ventures, while working to make products for global clients like Apple AAPL.O.

"If I am an investor, I would be worried," said Vijay Singh, one of the trustees at Tata Trusts, the charity that controls 66% of Tata Sons, the holding company of the conglomerate.

"Stability of the group is important for investors and that depends on the relationship between the company and its largest shareholder," he told Reuters.

The sole reason for Chandrasekaran's resignation is his disagreements with Tata Trusts, Reuters has reported.

The charity and its head, Noel Tata, had been upset about mounting financial ​losses at airline Air India and concerns about several other business strategies adopted by the group.

The conglomerate comprises more than two dozen companies such as Tata Motors-owned TAMO.NS Jaguar Land Rover, Tata Steel TISC.NS, Tata Consultancy Services TCS.NS and Tata Electronics, which have their own boards and leadership.

Singh said the charity followed a "hands-off approach" regarding business at the group, but some investors were getting worried.

"It's more a reputational issue," said Minari Shah, an independent strategic communications adviser, who previously worked at Tata Motors.

"The need is to lay out the succession plan thoughtfully because the internal and external stakeholders will watch the group carefully to see how it deals with the leadership."

In 2016, Tata Sons' board sacked its then-chairman, after he fell out over governance issues with group patriarch Ratan Tata, one of India's best-known corporate titans, who headed the charity arm before his death in 2024.

Now Chandrasekaran's exit, prompted by disagreements with the current Trust chairman Noel Tata, the half-brother of Ratan Tata, is raising concerns that such disruptions could become a recurring feature at the group.

Established in 1892, the charity says it is "India's oldest, and amongst Asia's largest, philanthropic institutions", working to improve healthcare, nutrition, education, water and sanitation.

"We extend our full support to Tata Sons in ensuring a smooth, timely and orderly transition of leadership, consistent with the values and long-term interests of Tata Sons and the Tata group," the Tata Trusts said in a statement.

BIGGEST CONCERN FOR INVESTORS

Stocks of Tata group lost $4.6 billion in combined market value on the news of Chandrasekaran's exit, before staging a recovery late on Thursday.

Over the years, Tata has built a sprawling business through the acquisition of brands such as British tea firm Tetley, a recent deal with Europe-based Iveco's IVG.MI trucks business and its India partnership with Starbucks SBUX.O.

The biggest concern for investors now is whether Tata Sons can independently set priorities for group companies, or if it will continue to be influenced by Trust priorities, two domestic institutional investors told Reuters on condition of anonymity.

"Succession has once again become a topic of conversation at a time when Tata is facing a number of other challenges - TCS' market cap is falling, Air India troubles (are mounting)," said one of them.

"A stable top was needed while Tatas navigate these challenges."

Foreign and domestic institutional investors together have an estimated $54 to $56 billion of exposure across five of Tata's most-watched listed companies, exchange disclosures showed.

During Chandra's tenure, investor wealth has grown with the combined market capitalisation of Tata companies rising to $277 billion by March 31 from $76 billion when he became chairman in 2017.

(Reporting by Aditi Shah and Jayshree Upadhyay; Additional reporting by Chandini M, Sai Ishwar and Bharath Rajeswaran in Bengaluru and Vibhuti Sharma in Mumbai; Editing by Aditya Kalra and Clarence Fernandez)

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Aug 12 (Reuters) - Tata Motors TATM.NS reported a higher quarterly profit on Wednesday, aided by demand from infrastructure, logistics and freight customers, which helped counter an uptick in commodity costs.

The automaker reported a net profit of 15.28 billion rupees ($160.29 million) for the April to June quarter, compared to 14.11 billion rupees a year earlier.

($1 = 95.3300 Indian rupees)

(Reporting by Saikeerthi in Bengaluru)

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Rewrites with comments from source, background

By Nishit Navin and Gopika Gopakumar

Aug 6 (Reuters) - The Reserve Bank of India on Thursday kept Tata Sons under enhanced regulatory supervision but said that would not affect the holding company's pending application to surrender its non-banking finance licence, leaving uncertainty over whether it will eventually have to list its shares.

Tata Sons, the principal investment holding company of the $400-billion Tata Group, was first classified as an upper-layer non-banking financial company (NBFC) in 2022. Under RBI rules, such entities are required to list within three years, although the regulator did not clarify whether that requirement applies while Tata Sons' deregistration request remains under review.

To avoid a listing, Tata Sons repaid its debt and applied about two years ago to surrender its NBFC licence. The application is still being considered by the central bank.

A person familiar with the RBI's thinking said the regulator is unlikely to require Tata Sons to list while the application remains pending, even though the three-year timeline has elapsed.

"Technically if you see Tata Sons has to follow all the regulation and if you look at even the listing, RBI will consider it as overdue. Since the application is yet to be disposed of, RBI will not push them to enforce these regulations," said the source familiar with the matter

The RBI and Tata Sons did not immediately respond to a Reuters request for comment. RBI Governor Sanjay Malhotra said on Wednesday that Tata Sons continued to be classified as an upper-layer NBFC because the framework governing such entities was "principle-based".

Upper-layer NBFCs are considered large and systemically important financial institutions and are subject to enhanced regulatory oversight. Tata Sons remains in the category because its asset size exceeds the stipulated 10 trillion rupees ($105 billion) threshold.

The outcome is significant because the Tata Trusts own about 66% of Tata Sons. A public listing could affect funding for the trusts' philanthropic activities and its investments in unlisted businesses, and alter the ownership structure of one of India's largest conglomerates.

Pressure for a listing has also come from Tata Sons' second-largest shareholder, the Shapoorji Pallonji Group, which wants to monetise or exit its holding as it seeks to reduce debt estimated at 5.5 trillion rupees to 6 trillion rupees.

Tata Sons owns Air India, Tata Digital and Tata Electronics, alongside stakes in listed companies including Tata Consultancy Services TCS.NS and Tata Steel TISC.NS.

($1 = 95.2200 Indian rupees)

(Reporting by Nishit Navin and Gopika Gopakumar. Editing by Sonia Cheema and Mark Potter)

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Aug 1 (Reuters) - Tata Motors Ltd TATM.NS:

• TATA MOTORS LTD: TATA MOTORS REGISTERED 37% GROWTH YOY WITH TOTAL SALES OF 39,641 COMMERCIAL VEHICLE UNITS IN JULY 2026

Source text: [ID:]

Further company coverage: TATM.NS

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July 30 (Reuters) - Iveco Group NV IVG.MI:

• Q2 REVENUES OF INDUSTRIAL ACTIVITIES EUR 3.70 BILLION

• TATA MOTORS’ TENDER OFFER EXPECTED TO BE LAUNCHED IN EARLY SEPTEMBER 2026 WITH CLOSURE ENVISAGED BY EARLY NOVEMBER 2026

• Q2 ADJUSTED NET PROFIT EUR 46 MILLION

• Q2 ADJUSTED EBIT OF INDUSTRIAL ACTIVITIES EUR 104 MILLION

• Q2 INDUSTRIAL ACTIVIES FREE CASH FLOW NEGATIVE AT EUR 45 MILLION

• FINAL CLEARANCE FOR TATA MOTORS BID EXPECTED TO BE RECEIVED BY END OF AUGUST 2026

Further company coverage: IVG.MI

(Reporting by Gdansk Newsroom)

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July 14 (Reuters) - Tata Motors Ltd TATM.NS:

• TATA MOTORS AND UCO BANK PARTNER FOR COMMERCIAL VEHICLE FINANCING - STATEMENT

Source text: [ID:]

Further company coverage: TATM.NS

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By Saikeerthi .

July 9 (Reuters) - Indian tyre maker JK Tyre & Industries JKIN.NS expects to raise product prices by 11%-13% by the end of the first half of fiscal 2027 to offset rising input costs, its finance chief said, joining rivals in passing on higher expenses to customers.

The hikes reflect pressure across the auto-parts sector after an oil price rally linked to the Middle East conflict drove up the cost of petroleum-based inputs, energy and freight.

"Prices (of raw materials) have gone through the roof and for us, it went up by almost over 20%. So, that has impacted business in this quarter," JK Tyre CFO Sanjeev Aggarwal told Reuters on Wednesday, citing West Asia tensions, transport disruption and supply-chain constraints.

The company, which counts leading car makers Maruti Suzuki India MRTI.NS and Tata Motors TATM.NS among its customers, had said in May it planned a 5%-6% price increase.

Raw materials such as natural rubber, synthetic rubber, carbon black and steel make up about two-thirds of JK Tyre's expenses.

Aggarwal said JK Tyre had rolled out price increases every month in the first quarter, with a small part of the planned rise implemented in June and the rest due in coming months.

The move brings it into line with rivals Apollo Tyres APLO.NS and CEAT CEAT.NS, which have also raised prices. Top Indian car makers have also passed on costs to customers.

Industry data released earlier this month showed vehicle sales rose 21.8% in June, signalling strong demand across passenger and commercial vehicles and giving tyre makers more room to pass on higher costs.

(Reporting by Saikeerthi in Bengaluru; Editing by Chandini Monnappa and Subhranshu Sahu)

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Rewrites throughout with comments from president of auto dealers' body

By Kashish Tandon

July 6 (Reuters) - India's appetite for electric, hybrid and compressed natural gas vehicles accelerated after the Iran war triggered fuel price hikes, the president of the country's auto dealers' body said, with such models reaching a record share of passenger vehicle sales in June.

Alternative-fuel vehicles accounted for 40.35% of PV retail sales in June, up from about 38% a month earlier, as consumers increasingly sought cheaper running costs after petrol and diesel prices were raised several times in May.

"We need to watch whether this is an emotional knee-jerk reaction from customers or whether this growth is here to stay," C.S. Vigneshwar, president of the Federation of Automobile Dealers Associations (FADA), told Reuters on Monday.

Overall vehicle sales rose 21.8% to a record 2.6 million units, with PV sales rising 28.6% year-on-year to 410,853 units.

Among PVs, CNG models accounted for 24.3% of total sales, while hybrids made up 8.3% and electric vehicles 7.8%.

Industry leader Maruti Suzuki MRTI.NS said last month that bookings for its CNG cars jumped 40% since the fuel price hikes.

The share of electric vehicles among overall two-wheeler sales rose to 10.6%, hitting the double-digit mark for the first time, according to FADA.

While the worst of the crude shock and supply chain disruptions from the Iran war seemed to be over, a return to complete normalcy could still take "a few quarters" and may involve some cost implications, said Vigneshwar.

(Reporting by Kashish Tandon in Bengaluru; Editing by Rashmi Aich, Mrigank Dhaniwala and Janane Venkatraman)

(([email protected]; 8800437922;))

By Dhwani Pandya

MUMBAI, July 4 (Reuters) - Indian government and auto industry officials on Saturday defended the mandatory rollout of petrol blended with 20% ethanol, saying years of testing and service data showed no evidence of widespread vehicle damage, despite public concerns over lower fuel efficiency and engine safety.

The fuel, known as E20, has faced rising criticism on social media in recent days, with motorists questioning whether older vehicles designed for lower ethanol blends could suffer corrosion, wear or reduced performance.

Automakers including Maruti Suzuki MRTI.NS, Hero MotorCorp HROM.NS and Toyota Kirloskar Motor said even older vehicles can run safely on E20. Maruti Suzuki, India's largest carmaker, said it had serviced more than 15 million older cars over the past two years that were not certified for E20 and found no fuel-related problems.

"As a manufacturer, we have tested E10 cars which were prevalent before 2023 on E20 fuel for all parameters and we have not found anything of concern," Rahul Bharti, Maruti Suzuki's senior executive officer for corporate affairs, said at a joint press conference with government officials.

Industry officials acknowledged a minor trade-off: E20 reduces fuel efficiency by about 3-3.5% because of its lower energy content. However, they said the fuel's higher octane rating can help carmakers design future engines with higher compression ratios, which could improve performance, torque, drivability and even fuel efficiency.

Officials also rejected viral claims that E20 had caused engine failures, saying at least one widely shared case was linked to contaminated fuel rather than standard E20.

They added that E20 is the highest ethanol blend currently tested for regular petrol vehicles and said any move to higher blends would need fresh trials.

(Reporting by Dhwani Pandya. Editing by Mark Potter)

(([email protected];))

July 3 (Reuters) - Tata Motors Ltd TATM.NS:

• TATA MOTORS - CO AND WELSPUN RENEWABLE ENERGY PARTNER TO DEVELOP 86 MW WIND-SOLAR HYBRID PROJECT

Further company coverage: TATM.NS

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July 1 (Reuters) - Tata Motors Ltd TATM.NS:

• TATA MOTORS - LOOKING AHEAD, WHILE COMMODITY PRESSURES WILL PERSIST, EXPECT MOMENTUM TO CONTINUE

Source text: ID:nnAZN4T5F8Z

Further company coverage: TATM.NS

(([email protected];))

By Aditi Shah

NEW DELHI, June 29 (Reuters) - India's capital New Delhi will offer a cash incentive of over$1,000 to car owners willing to scrap their old vehicle for an EV, according to a new policy finalised by the government on Monday in a move aimed at reducing high levels of air pollution.

New Delhi is one of the world's most polluted cities with air quality worsening in the winters when dense, stagnant air traps emissions from crops burning in neighbouring states, vehicle exhaust and construction dust.

Here are some details:

• The local government in New Delhi finalises new electric vehicle policy with an outlay of 150 billion rupees ($1.59 billion) over four years to incentivise buyers of electric two-wheelers, cars and small trucks, as well as setting up EV chargers.

• To offer $1,060 as scrapping incentive to those who trade in cars bought before April 1, 2020 for an EV.

• Those buying a battery EV priced at up to 3 million rupees will be exempt from paying road tax and registration fees, which typically amount to 4%-10% of the car's price.

• Buyers of electric scooters and motorbikes will get a cash incentive of 30,000 rupees in the policy's first year, reducing to 10,000 rupees by year three.

• Delhi government will only register electric two-wheelers from April 1, 2028, forcing buyers to move away from gasoline and other powertrains.

• Will also incentivise setting up 32,000 EV charging points across Delhi.

• Hybrid vehicles have not been included in the policy which is expected to come into effect from July 1.

• Policy will provide a big boost to EV players like Tata Motors TAMO.NS and Mahindra & Mahindra MAHM.NS as well as electric two-wheeler makers TVS Motor TVSM.NS, Bajaj Auto BAJA.NS and Ather Energy.

(Reporting by Aditi Shah; Editing by Susan Fenton)

(([email protected]; +91-11-4954 8023, +91-11-3015 8023; Reuters Messaging: twitter: @aditishahsays))

** Tata Motors TATM.NS says on investor day it targets 40% domestic CV market share by FY28 versus 35.7% in FY26; guides for double-digit EBITDA margins through the cycle

** Shares rise 3.7% to 414.65 rupees as analysts say firm better placed structurally, helped by market-share gains, stronger products, cost discipline and expansion into services, digital, exports and alternative powertrains

ANALYSTS BACK OUTLOOK AMID SLOWDOWN BLUES

** HSBC ("Buy", PT: 490 rupees) says near-term demand remains robust, but flags the scale of a likely second-half slowdown as the key factor to monitor

** BofA ("Buy", PO: 515 rupees) says Tata Motors is broadening its moat beyond vehicle sales through lifecycle revenues, technology investments and global diversification

** Nomura ("Neutral", PT: 402 rupees) likes the digital and technology push, but remains concerned about Iveco's weak recent performance

** UBS ("Buy", PT: 555 rupees) says sharper execution and cost discipline could drive durable profitability gains

(Reporting by Mridula Kumar in Bengaluru)

(([email protected]))

June 23 (Reuters) - Tata Motors Ltd TATM.NS:

• TATA MOTORS LTD - SEES INVESTMENT SPEND OF 2-4% OF REVENUE FOR 2028

• TATA MOTORS LTD - SEES FREE CASH FLOW OF 7-9% OF REVENUE (POST-TAX) FOR 2028

• TATA MOTORS LTD - TARGETS DOUBLE DIGIT EBITDA MARGIN FOR 2028

Further company coverage: TATM.NS

(([email protected];))

June 18 (Reuters) - India's Tata Motors TATM.NS said on Thursday it would increase prices across its commercial vehicle range by up to 2.5%, effective July 1.

The price hike is aimed at partially offsetting the impact of rising commodity prices and other input costs, the demerged commercial vehicle arm of the Tata group said.

(Reporting by Chandini Monnappa in Bengaluru; Editing by Sonia Cheema)

(([email protected]; https://www.linkedin.com/in/chandini-monnappa-8a37b013b/;))

Adds sector details paragraph 2 onwards

June 12 - India's Tata Motors Passenger Vehicles TAMO.NS will raise prices of its cars and SUVs, including electric vehicles, by up to 1.5% from July 1, the carmaker said on Friday, its second price hike in four months as cost pressures from the Middle East conflict bite.

The company increased prices for its internal combustion engine portfolio from April 1.

The Sierra brand maker said the price increase was aimed at partially offsetting rising input costs and sustained inflationary pressures and that the extent of the increase will vary across models and variants.

Earlier this year, rival automaker Maruti Suzuki said it would raise vehicle prices by up to 30,000 rupees ($314.42) from June, while Hyundai Motor India HYUN.NS increased prices from June 1.

Commercial vehicle maker Tata Motors TATM.NS raised prices of its commercial vehicles by up to 1.5% from April 1, citing higher input costs.

($1 = 95.4125 Indian rupees)

(Reporting by Mridula Kumar in Bengaluru; Editing by Harikrishnan Nair)

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May 26 (Reuters) - Hindustan Petroleum Corp Ltd HPCL.NS:

• HPCL, TATA MOTORS PARTNER TO DEVELOP SCALABLE CIRCULAR ECONOMY MODEL FOR USED AUTOMOTIVE LUBRICANTS - STATEMENT

Source text: [ID:]

Further company coverage: HPCL.NS

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Writes through with comments from CEOs

By Aditi Shah and Chandini Monnappa

May 14 (Reuters) - Jaguar Land Rover parent Tata Motors Passenger Vehicles TAMO.NS warned that rising commodity costs, exacerbated by the Iran war, will pressure margins across its lines, prompting cost cutting and a focus on more profitable high-end vehicles.

The conflict has disrupted global trade routes and energy markets, driving up prices of key inputs such as metals, petrochemicals and freight, and has pressed some companies to pass higher costs onto customers as price increases.

"This is very tough situation for us," Managing Director and CEO Shailesh Chandra told reporters after the company reported a drop in quarterly profit on Thursday.

The company has already raised prices once, with a hike effective April 1. Chandra said it would consider further increases if cost pressures persist.

Commodity prices had risen by about 5% over the past 9 to 12 months and were expected to remain volatile, he said.

He expected India's car sales to grow by 10% in the current fiscal year, and for Tata to outperform the industry, even as sharp increases in petrol and diesel prices threatened to weigh on the entry-level segment.

Last month, rival Maruti Suzuki India MRTI.NS also warned of a potential impact on demand for price-sensitive entry-level cars if petrol prices rise. India has so far not increased fuel prices.

JLR, which contributes about 80% of Tata's revenue, is also working on reducing costs and launching more premium cars to protect its margins from the war's impact.

"Oil is already at $100 plus and therefore the costs have started seeping through. Commodities inflation is likely to be sticky," JLR CEO PB Balaji told reporters on a separate post-earnings call.

"We have a task at our end to ensure that we make the business more resilient."

The Range Rover manufacturer said JLR was targeting $2.3 billion in cost savings over the next two years as it navigated a year with challenges ranging from uncertainty around global trade policy to a cyberattack that halted production, and most recently, a fire at one of its suppliers.

It plans to maintain its 18-billion-pound investment outlay over the five-year period from fiscal 2024.

Tata Motors Passenger Vehicles posted a profit drop of 31.7% to 57.83 billion rupees ($603.9 million) for the quarter ended March 31.

JLR's earnings before interest and taxes margin, a closely watched indicator of operational profitability, slid 780 basis points to 0.7% during fiscal 2026.

($1 = 95.7625 Indian rupees)

($1 = 0.7400 pounds)

(Reporting by Aditi Shah, Kashish Tandon and Chandini Monnappa; Editing by Mrigank Dhaniwala, Nivedita Bhattacharjee and Andrew Heavens)

(([email protected]; https://www.linkedin.com/in/chandini-monnappa-8a37b013b/;))

May 13 (Reuters) - India's Tata Motors TATM.NS reported a 69.6% jump in fourth-quarter profit on Wednesday, led by strong tax-cuts driven demand for trucks and buses.

The country's top commercial vehicle maker reported a profit of 24.06 billion rupees ($251.4 million) for the quarter to March 31, up from 14.19 billion rupees a year earlier.

($1 = 95.7050 Indian rupees)

(Reporting by Kashish Tandon in Bengaluru; Editing by Harikrishnan Nair)

(([email protected]; 8800437922;))

The author is a Reuters Breakingviews columnist. The opinions expressed are her own.

By Shritama Bose

MUMBAI, May 8 (Reuters Breakingviews) - India Inc's global M&A push is coming at an inopportune time for its government. Sun Pharmaceutical Industries SUN.NS last week agreed to buy U.S.-based Organon OGN.N for $11.8 billion, months after Tata Motors' TATM.NS $4.4 billion deal to acquire Iveco's IVG.MI trucks unit. A quest for new markets and technology promises more outbound approaches. That may eventually hand New Delhi reasons to feel displeased.

Cross-border acquisitions by Indian groups are on the rise. In 2025, large-ticket transactions like Tata Motors' Iveco purchase and IT firm Coforge's COFO.NS $2.4 billion acquisition of U.S.-based Encora contributed to a $26 billion splurge on overseas assets, the most active year by volume since 2010, per Dialogic.

It's sensible for Indian companies sitting on a large cash balance to deploy it in markets where valuation multiples are lower, rather than to acquire richly valued local peers. Sun Pharma trades at 33 times forward earnings and is paying just 4 times that metric for similarly sized Organon; smaller Indian rivals like Torrent Pharma TORP.NS and Divi's Laboratories DIVI.NS trade at much higher multiples.

Access to richer markets in Asia, Europe and the U.S. is also a big draw, as is technological know-how. Tata Motors' TAMO.NS 2008 buyout of Jaguar Land Rover helped build its local range of electric cars. The incentive to buy tech firms is especially high as India's own investment in R&D, at 0.7% of GDP, lags the global average of 2%.

Interest in external assets will intensify as advances in artificial intelligence force groups from outsourcers to drugmakers to level up. Manufacturers investing in areas like defence, vehicle components and consumer electronics will look to bridge India's capability gap with the rest of the world.

New Delhi has so far been sanguine about the trend, seeing it as a sign of India Inc's growing clout on the global stage. That could change as outbound fund flows add to rising pressures on external balances. With a surging energy import bill and fund outflows, India could be staring at a third straight financial year of a negative balance of payments in the 12 months to the end of March 2027.

Part of the cash being splurged overseas stems from a 2019 decision to sharply cut the corporate tax rate; officials hoped that would encourage firms to invest more locally to stimulate growth and employment. While private spending is showing signs of life, its contribution to GDP is below historical levels.

In time, New Delhi may find those dimensions of India Inc's overseas shopping spree unpalatable and act against them. Until then, there's little reason for companies to stop gazing outwards.

Follow Shritama Bose on LinkedIn and X.

CONTEXT NEWS

Sun Pharmaceutical Industries on April 27 said it will buy ​U.S. drugmaker Organon in an all-cash deal valuing the target at about $11.75 billion including debt, making it ‌the largest overseas acquisition by an Indian pharmaceutical company.

Indian IT services provider Coforge said on December 26 it would acquire artificial intelligence firm Encora at an enterprise value of $2.35 billion to boost its in-house artificial intelligence capabilities and expand its presence in the U.S. and Latin America.

(Editing by Antony Currie; Production by Ujjaini Dutta)

((For previous columns by the author, Reuters customers can click on BOSE/[email protected]))

May 7 (Reuters) - Italian truckmaker Iveco IVG.MI, set to be acquired by India's Tata Motors TATM.NS, said on Thursday its adjusted net result swung to a loss of 74 million euros ($87 million) in the first quarter, from a profit of 60 million euros a year ago.

Iveco also said that Tata Motors' tender offer was expected to close by the third quarter of 2026, and not in the second quarter as previously estimated.

• The negative results follow the sale of Iveco's defence unit to Italy's Leonardo DRS.O, which was finalised in March

• Q1 adjusted operating loss from industrial activities was 90 million euros, compared to a profit of 82 million euros in 2025

• Net revenue from industrial activities amounted to 2.8 billion euros in the quarter

($1 = 0.8510 euros)

(Reporting by Anna Uras in Gdansk, editing by Milla Nissi-Prussak)

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