Iveco Group N.V. , an international leader in commercial vehicles and mobility, and Tata Motors Ltd, a global automotive leader, jointly announced the commencement of the voluntary tender offer by TML CV Holdings B.V. for all issued common shares of Iveco Group at a price of €14.1 (cum dividend) per common share in cash.

This follows the approval for the offer from the Italian market regulator. The offer has been made by a Tata Motors step down subsidiary.

The acceptance period runs from September 7, 2026 to October 26, 2026.

“The Iveco Group Board of Directors unanimously supports the Transaction, recommends the Offer for acceptance by the shareholders of Iveco Group and recommends Shareholders to vote in favour of the resolutions relating to the Offer at the EGM,” Tata Motors said in a filing. 

 Iveco Group will hold the EGM on October 16, 2026 to take shareholders’ approval. 

 Exor N.V., Iveco Group’s largest shareholder, has irrevocably committed to support the offer and tender its shareholding representing approximately 27.06% of the common shares and 43.19% of all voting rights.

Girish Wagh, managing director and CEO of Tata Motors Ltd said, “The commencement of the tender offer marks an important milestone in bringing together two highly complementary organisations with a shared commitment to excellence, innovation and customer success.”

“By combining our respective strengths, capabilities and market presence, we have the opportunity to build a stronger, more globally competitive commercial vehicle business that is better positioned to serve customers, invest in future technologies and create sustainable value for all stakeholders,” he said.

“We have immense respect for Iveco Group’s heritage, talented people and trusted brands, and we look forward to supporting their continued growth and success. We believe the tender offer presents a compelling value proposition for Iveco Group shareholders and look forward to its successful completion,” he added.

Olof Persson, CEO of Iveco Group said, “The many benefits of this transformational combination are clear. By creating a major new force in global commercial vehicles, we will unlock the significant advantages of increased scale and reach, accelerate innovation and bring even more industry-leading products to customers worldwide.”

“The complementary nature of our two businesses further enhances the rationale of the transaction, supporting long-term opportunities for our employees, strengthening prospects for our suppliers and partners, and reinforcing the foundations for continued growth. Given these strategic benefits, together with the attractive value offered to shareholders, our Board unanimously supports and recommends the tender offer,” he added. 

The offer values Iveco Group at approximately €3.82 billion. Iveco Group’s headquarters will remain in Turin, Italy. 

The offeror is to support and accelerate Iveco Group’s existing strategy and to ensure the long-term interests of all its stakeholders, including employees, suppliers and customers.

“The Offeror and Iveco believe that having Iveco operate as a wholly privately owned subsidiary is key to the sustainable success of Iveco’s business and long-term value creation,” Tata Motors said.

All the required competition clearances, FDI clearances, FSR clearance and prior authorisations have been obtained.

The offer is subject to certain customary conditions, including a minimum acceptance level of 95% of the common shares, to be automatically reduced to 80% if the shareholders adopt the back-end resolution at the EGM. 

The offer brings together two businesses with highly complementary product portfolios and capabilities and with substantially no overlap in their industrial and geographic footprints, creating a stronger, more diversified entity with a significant global presence and sales of over c.590k units per year, a press release said. 

Together, Iveco and the commercial vehicle business of Tata Motors have combined revenues of €21 billion (₹2,28,000 crore split across Europe (46%), India (32%), South America (8%) and Rest of the World (14%) with attractive positions in emerging markets in Asia and Africa.

“The combined group will be better positioned to invest in and deliver innovative, sustainable mobility solutions by leveraging both supplier networks to serve customers globally. It will also unlock superior growth opportunities and create significant value for all stakeholders in a dynamic marketplace.”

Furthermore, in the context of the ongoing, rapid transformation of the global commercial vehicle industry, the strategic combination of the commercial vehicle business of Tata Motors and Iveco Group will transform both entities, creating a robust platform with a global customer base and geographically diverse footprint, Tata Motors said.

“The new company will be able to drive better operating leverage by spreading its capital investments over larger volumes, generating operating efficiencies and reducing the cash flow volatility inherent in the commercial vehicles sector. It will also enable the capabilities of Iveco Group’s successful powertrain business, FPT, to be further enhanced.”

As per the filing, the offeror will respect the existing rights and benefits of the employees of Iveco Group, including those outlined in the relevant employment and pension agreements and plans as well as existing arrangements with employee representative bodies.

“The offeror does not envisage any reduction of the workforce of Iveco Group as a direct consequence of the combination. The offer is intended to achieve the acquisition of 100% of the Common Shares and the Delisting of Iveco Group from Milan stock exchange.”

Published – September 05, 2026 08:15 am IST

For illustration
| Photo Credit: AFP

A host of global and domestic brokerages have released fresh views on Mankind Pharma, Divi’s Laboratories, Asian Paints, Marico, Tata Consumer, CG Power, Eternal, Aditya Vision, SRF, Tata Motors CV and Ashok Leyland ahead of the upcoming session.

They have also shared detailed commentary on the India-EU trade deal, its sectoral implications across autos, chemicals, pharma and textiles, alongside broader views on silver, competitive intensity in consumer staples, recovery prospects in pharma and chemicals, and evolving risk-reward dynamics across discretionary consumption.

UBS on Tata Motors CV

• UBS initiates coverage with a Buy rating and a target price of Rs 550.
• The CV business is positioned for resurgence post demerger.
• India operations are expected to remain resilient.
• Improving trucking volumes in Europe should support margins and cash flows.
• UBS prefers CVs over PVs and two-wheelers.

Jefferies on Mankind Pharma

• Jefferies maintains a Buy rating with a target price of Rs 2,900.
• The brokerage notes that most investors remain pessimistic on Mankind’s near-term recovery.
• The stock is currently pricing in just 10% revenue CAGR and 14% EBITDA CAGR over FY26–28E, which Jefferies believes is easily achievable.
• Inconsistency in acute therapies has weighed on growth in recent periods.
• A favourable base, a revamped field force, and hands-on founders are expected to support a turnaround.
• The stock trades at an attractive 22x Mar-27 EV/EBITDA.

Investec on SRF

• Investec maintains a Sell rating and hikes the target price to Rs 2,480 from Rs 1,500.
• Earnings momentum is seen slowing beyond the refrigerants segment.
• The brokerage believes SRF’s overall earnings momentum remains vulnerable.
• Specialty Chemicals and TTB businesses face sustained pricing pressure from China and limited near-term visibility.
• Elevated capex, uneven segment recovery, and an early-stage pharma scale-up further cloud earnings visibility.
• At 27x FY28E EPS, Investec maintains a Sell rating given the uncertain recovery in Specialty Chemicals.

Jefferies on Eternal

• Jefferies maintains a Buy rating with a target price of Rs 480, implying 86% upside.
• The stock is down 10% post Q3, which also coincided with a leadership change.
• Investor concerns centre on timing, given the company’s high-growth phase and the return of unvested ESOPs.
• Founder Deepinder stated he could have continued but stepped aside due to Indian sensitivities.
• Break-even timelines and intense quick-commerce competition remain key concerns.
• However, Deepinder’s continuation as Vice Chairman and Albinder’s elevation reinforce execution strength at Blinkit.

Investec on Aditya Vision

• Investec initiates coverage with a Buy rating and a target price of Rs 675.
• The brokerage highlights growing ambition supported by strong execution.
• The company is well positioned in the Hindi heartland, benefiting from rising consumer durables penetration.
• The business model is robust, with strong earnings visibility.
• Valuations appear attractive at current levels.
• Investec expects revenue and PAT CAGR of 21% and 25% respectively over FY25–28.
• Post-tax RoIC is expected to remain strong at around 20%.

Jefferies on Divi’s Laboratories

• Jefferies maintains a Buy rating with a target price of Rs 8,000.
• Divi’s is preparing to execute a new custom synthesis project.
• The new CS project could generate around $100 million in sales.
• The current generic version remains an important molecule for the company.
• The new CS project could more than offset the decline in Entresto-related gross profit.
• Ramp-up in nutraceutical capacity utilisation is expected to drive high growth.

Brokerages on Asian Paints

Jefferies on Asian Paints

• Jefferies maintains a Buy rating with a target price of Rs 3,300.
• Management commentary on volume growth was positive.
• Domestic volume growth moderated, partly due to seasonal factors.
• The key issue remains consolidated revenue growth, which was nearly half of volume growth.
• Competition continues to intensify, despite which the company reported EBITDA margins of around 20%.
• Management reiterated its focus on gaining market share and sustaining growth.

Morgan Stanley on Asian Paints

• Morgan Stanley maintains an Underweight rating with a target price of Rs 2,194.
• Q3 growth delivery fell short of consensus expectations and Q2 performance.
• Demand remained unsupportive due to a shorter festive season and prolonged monsoon.
• October demand was weak, while December exit trends improved, with January growth tracking similarly.
• Q4 volume growth guidance stands at 8–10%, with a negative mix of 4–5%, implying value growth of 5–6%.
• Competitive intensity is expected to remain high.
• Industrial coatings growth remains strong, and EBITDA margin guidance of 18–20% is maintained.

Citi on Asian Paints

• Citi maintains a Sell rating and hikes the target price to Rs 2,300 from Rs 2,250.
• Performance remained weak despite a low base.
• Competitive intensity stayed elevated, driven by new entrants and recent M&A.
• FY26–28E revenue estimates are cut by 3%.
• EPS estimates are raised by 1% due to benign raw material prices.

Jefferies on Tata Consumer Products

• Jefferies maintains a Hold rating with a target price of Rs 1,310.
• The quarter was strong, led by India operations.
• The India business delivered robust growth with underlying volume growth of 15%.
• Growth categories performed strongly, led by Sampann and NourishCo.
• International business saw margin pressure despite delivering double-digit growth.
• Management expressed confidence on growth and profitability, particularly in India.

Brokerages on Marico

Morgan Stanley on Marico

• Morgan Stanley maintains an Equal-weight rating with a target price of Rs 788.
• Q3 performance was in line with expectations, with consistent guidance and execution.
• The company targets mid-teens EBITDA growth in FY27 with 150–200 bps margin expansion.
• FY26 revenue growth of over 25% has been reiterated.
• India volume growth momentum is expected to sustain as pricing growth moderates.
• Management is confident of managing copra price correction through lower channel inventory.
• VAHO is expected to sustain double-digit revenue growth in the near to medium term.
• Foods business is expected to recover to double-digit organic growth over the next two quarters.

Jefferies on Marico

• Jefferies maintains a Buy rating and hikes the target price to Rs 900 from Rs 880.
• Growth momentum continues across categories.
• Performance was led by price hikes in Parachute, with volumes remaining resilient.
• VAHO and premium personal care maintained strong momentum.
• Foods had a softer quarter.
• International business delivered broad-based double-digit growth.

Jefferies on CG Power

• Jefferies maintains a Hold rating and cuts the target price to Rs 600 from Rs 725.
• Industrial segment performance remains weak.
• Q3 EBITDA missed estimates by 16%, driven by lower margins in Industrials.
• Power segment continues to drive profitability, with a robust outlook.
• Jefferies is not concerned about potential opening up to China given CG Power’s cost efficiency.
• However, concerns remain around Industrials dragging overall profit growth.

Brokerages on India-EU Trade Deal

Kotak on India–EU Trade Deal

• Kotak views the India–EU trade deal as promising and expects it to be effective from CY27/FY28.
• The agreement aims to stimulate both economies through lower tariffs, removal of non-tariff barriers, and higher trade volumes.
• Indian exporters stand to benefit from zero tariffs on most exports to the EU, particularly labour-intensive sectors.
• Greater EU access to India’s consumer market could increase competition in select domestic sectors.
• The deal also provides a medium- to long-term hedge against US tariff risks and geopolitical uncertainty.

Jefferies on India–EU Trade Deal

• Jefferies sees minimal impact of the EU deal on listed Indian OEMs.
• Most European OEM vehicles already attract lower duties.
• Most vehicles, excluding select high-priced models, are already manufactured in India or assembled via CKD kits with 16.5% import duty.
• Jefferies sees a buying opportunity in Mahindra & Mahindra.

Citi on India–EU Trade Deal

• Citi notes that the India–EU FTA will liberalise 96–99% of trade between the two regions.
• Sensitive issues such as CBAM, dairy, and select agricultural products are excluded.
• The deal should ease pressure on India’s labour-intensive exports and support China+1 diversification.
• Given the long ratification timeline, benefits are likely to be back-ended.
• Citi expects a modest impact on index earnings.
• Hospitals, chemicals, defence, and engineering goods could benefit.
• Autos and select consumer segments may face higher competition.
• Lower duties on EU car imports could increase competition in higher-end segments.

Avendus Spark on India–EU Trade Deal

• Avendus Spark expects textiles and apparel to gain competitiveness versus Bangladesh and Vietnam.
• Auto ancillaries and EV supply chains could see 5–7% export growth, though phased liberalisation may weigh on the PV luxury segment.
• Pharma generics and CDMO exports could benefit from improved market access.
• Engineering and capital goods may see incremental EU demand.
• Chemicals could see selective gains offset by ESG and compliance costs.
• IT services face modest direct impact, with upside from mobility and data adequacy.
• Processed foods may benefit, while sensitive agri segments remain protected.
• The FTA provides a hedge against US trade uncertainty.

JPMorgan on India–EU Trade Deal

• JPMorgan notes that while vehicle import tariffs have been cut, the uplift to vehicle imports into India is likely limited.
• Imported vehicles could rise by around 1 lakh units, primarily in luxury segments.
• This represents only about 2.4% of total demand.
• Overall impact on the domestic auto market is expected to be limited.

UBS on Ashok Leyland

• UBS maintains a Buy rating and hikes the target price to Rs 225 from Rs 177.
• Improving sector fundamentals and supportive pricing should help protect margins.
• The brokerage sees further upside potential.
• Indian CV OEMs warrant a re-rating given strengthening fundamentals.
• Volume and margin trends are expected to stabilise.

Citi on Silver

• Citi upgrades its 0–3 month silver price forecast to $150/oz from $100/oz.
• Silver, like gold, is being driven by capital allocation flows.
• The metal is behaving like “gold squared” or “gold on steroids”.
• Citi expects this trend to persist until silver looks expensive relative to gold.
• The brokerage sees 30–40% upside over the coming weeks.
• A reversion to historical ratios versus gold implies potential upside to $160–170/oz, or even ~$300/oz at historical peaks.

ALSO READ: Stock Market Today: All You Need To Know Going Into Trade On Jan. 28

A view of the newly launched Tata Motors’ all-new 9-seater Tata Winger Plus.

READ MORE

Photo used for representation purpose only.
| Photo Credit: Reuters

Tata Motors on Friday (November 8, 2024) reported Q2 consolidated net profit down 11% to ₹3,343 crore as compared with ₹3,764 crore in the year ago period.

Revenue from operations during the quarter dropped 4% to ₹1,00,534 crore as compared with ₹1,04,444 crore in the same period last year.

Total expenses stood at ₹97,330 crore against ₹1,00,649 crore in the same quarter a year ago, the company said.

PB Balaji, Group Chief Financial Officer, Tata Motors said, “Growth in the quarter was impacted due to significant external challenges as highlighted earlier. Overall, the business fundamentals remain strong, and we remain focused on our agenda of driving growth, competitiveness and free cash flows. As the supply challenges ease and demand picks up, we are confident of steady improvement in our performance and delivering a strong H2.”

Tata Motors is India’s third-largest carmaker by volume, but relies on British luxury carmaking unit Jaguar Land Rover for two-thirds of its revenue.

Revenue at JLR fell 1%, with unit sales dropping 10%. That dragged earnings margin before interest and taxes at the British carmaker down to 5.1%, from 7.3% a year before.

The automaker has seen sales decline across all three businesses, with analysts noting that promotional expenses, or costs to boost demand, rising especially at JLR.

The company, however, said it expects JLR’s dispatches to dealers to recover in the second half of the current fiscal year 2025 as supply of aluminium normalises.

(With inputs from Agencies)

According to exchange data, equities worth ₹9,791.93 crore were sold by FIIs on Monday, September 30, 2024, while Domestic Institutional Investors DIIs purchased equities valued at ₹6,645.80 crore. File
| Photo Credit: Reuters

Benchmark indices Sensex and Nifty edged lower on Tuesday (October 1, 2024), extending the losing run to the third day amid profit-taking in oil & gas and select FMCG shares.

The BSE Sensex dipped 33.49 points or 0.04% to settle at 84,266.29. During the day, it hit a high of 84,648.40 and a low of 84,098.94.

The NSE Nifty closed marginally lower by 13.95 points or 0.05% to 25,796.90.

Muted trends in global markets and heavy foreign fund outflows weighed on investor sentiment, analysts said.

From the 30 Sensex firms, IndusInd Bank, Asian Paints, Hindustan Unilever, Tata Motors, Tata Steel, Titan, Reliance Industries and NTPC were among the major laggards.

Tech Mahindra, Mahindra & Mahindra, Kotak Mahindra Bank, Infosys, HCL Technologies and State Bank of India were among the major gainers.

In Asian markets, Tokyo settled higher. South Korea, Hong Kong and mainland Chinese markets are closed for a public holiday on Tuesday (October 1, 2024). Markets in mainland China will be closed for the rest of the week due to holiday.

European markets were trading on a mixed note. The U.S. markets ended in the positive territory on Monday (September 30, 2024).

Foreign Institutional Investors (FIIs) offloaded equities worth ₹9,791.93 crore on Monday (September 30, 2024), while Domestic Institutional Investors (DIIs) bought equities worth ₹6,645.80 crore, according to exchange data.

India’s manufacturing sector growth fell to an eight-month low in September amid softer increase in factory production, sales and new export orders, a monthly survey said on Tuesday (October 1, 2024).

The seasonally adjusted HSBC India Manufacturing Purchasing Managers’ Index (PMI) fell from 57.5 in August to 56.5 in September, registering the weakest pace of growth since January.

In PMI parlance, a print above 50 means expansion, while a score below 50 denotes contraction.

Global oil benchmark Brent crude declined 1.66% to $ 70.51 barrel.

The BSE benchmark tumbled 1,272.07 points or 1.49% to settle at 84,299.78 on Monday (September 30, 2024). During the day, it plunged 1,314.71 points or 1.53% to 84,257.14. The Nifty tanked 368.10 points or 1.41% to 25,810.85.

Exchange Data said that FIIs bought equities worth ₹2,208.23 crore on Tuesday (September 10, 2024). File
| Photo Credit: Reuters

Equity benchmark indices declined in early trade on Wednesday (September 11, 2024) after two days of gains amid selling in Tata Motors and weak trends in Asian markets.

The 30-share BSE Sensex fell 111.85 points to 81,809.44. The NSE Nifty dipped 39.2 points to 25,001.90.

Among the 30 Sensex firms, Tata Motors, ICICI Bank, Titan, HDFC Bank, JSW Steel, Tech Mahindra, UltraTech Cement and Axis Bank were the major laggards.

Asian Paints, Bharti Airtel, ITC and Hindustan Unilever were among the gainers.

In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong were trading lower.

The U.S. markets ended mostly with gains on Tuesday (September 10, 2024).

Foreign Institutional Investors (FIIs) bought equities worth ₹2,208.23 crore on Tuesday (September 10, 2024), according to exchange data.

Global oil benchmark Brent crude climbed 0.59% to $69.60 a barrel.

The BSE benchmark climbed 361.75 points or 0.44% to settle at 81,921.29 on Tuesday (September 11, 2024). The NSE Nifty surged 104.70 points or 0.42% to 25,041.10.

The 30-share BSE Sensex jumped 349.05 points or 0.43% to settle at an all-time closing high of 82,134.61, extending its winning momentum to the eighth day in a row. File
| Photo Credit: Reuters

Equity benchmark indices Sensex and Nifty hit their all-time high levels on Thursday (August 29, 2024), driven by a rally in index majors Reliance Industries and Tata Motors.

The 30-share BSE Sensex jumped 349.05 points or 0.43% to settle at an all-time closing high of 82,134.61, extending its winning momentum to the eighth day in a row. During the day, it soared 500.27 points or 0.61 per cent to hit a lifetime intra-day peak of 82,285.83.

Rallying for the 11th straight session, the NSE Nifty surged 99.60 points or 0.40% to settle at a new closing high of 25,151.95. During the trade, the benchmark climbed 140.55 points or 0.56% to hit a fresh record intra-day peak of 25,192.90.

Among the 30 Sensex firms, Tata Motors jumped over 4%, followed by Bajaj Finserv, Bajaj Finance, HCL Technologies, ITC, Reliance Industries, Tech Mahindra, Maruti and State Bank of India.

Reliance Industries climbed nearly 2% after Mukesh Ambani, chairman and managing director of the firm, said the board of the company will meet on September 5 to consider issuing bonus shares in the ratio of 1:1.

“When Reliance grows, we reward our shareholders handsomely,” Mr. Ambani said.

Mahindra & Mahindra, Sun Pharma, JSW Steel, Kotak Mahindra Bank, Infosys and Tata Steel were among the biggest laggards.

In Asian markets, Seoul, Tokyo and Shanghai settled in the negative territory, while Hong Kong ended higher.

European markets were trading in the positive zone. The U.S. markets ended lower on Wednesday (August 28, 2024).

Foreign Institutional Investors (FIIs) offloaded equities worth ₹1,347.53 crore on Wednesday(August 28, 2024), according to exchange data.

Global oil benchmark Brent crude declined 0.60% to USD 78.27 a barrel.

Rising for the tenth straight session on Wednesday (August 28, 2024), the NSE Nifty went up by 34.60 points or 0.14% to settle at a new closing high of 25,052.35. The benchmark surged 111.85 points or 0.44% to hit a fresh intra-day all-time peak of 25,129.60.

Extending its winning run to the seventh day in a row, the BSE benchmark climbed 73.80 points or 0.09 per cent to settle at 81,785.56.

As per the scheme, the existing Passenger Vehicle business in TMPV, will be merged into TML, the existing listed entity, the company said in a regulatory filing. File

The Board of Directors of Tata Motors Ltd. (TML) on August 1 approved a Composite Scheme of Arrangement amongst TML, TML Commercial Vehicles Limited (TMLCV), Tata Motors Passenger Vehicles Limited (TMPV) and their respective shareholders for separation of the Commercial Vehicles and Passenger Vehicles businesses of the company into two entities.

As a part of the scheme, TML will demerge its Commercial Vehicle undertaking involving the Commercial Vehicle business (all the assets, liabilities and employees relating to the Commercial vehicle business) and all its related investments into TMLCV.

As per the scheme, the existing Passenger Vehicle business in TMPV, will be merged into TML, the existing listed entity, the company said in a regulatory filing.

After the scheme becomes effective, both TMLCV and TML will be renamed, resulting in two separate listed entities. These include the Commercial Vehicle business and its related investments, under the name TML, and The Passenger Vehicle business, the Electric Vehicle (TPEM) business, JLR and their related investments, under the name TMPV.

According to the scheme, shareholders of TML will receive 01 share of TMLCV of face value ₹2 fully paid up for every 01 fully paid-up share of ₹2 held in TML of the same class.

“These actions would further empower the respective business groups to pursue their differentiated strategies with greater agility while reinforcing accountability and will enhance shareholder value. The scheme will not have any adverse impact on employees, customers, creditors and other business partners,” Tata Motors said in a statement.

The scheme is subject to all the necessary shareholder, creditor and regulatory approvals which can take around 12-15 months to complete, the company said.

Tata Motors is a leading manufacturer of commercial vehicles, including trucks and buses, in India. File
| Photo Credit: P.V. Sivakumar

Tata Motors on June 19 said it will hike prices of its commercial vehicles by up to 2% from July 1, 2024 to offset the impact of rising commodity prices.

The price hike will be applicable across the entire range of commercial vehicles, and will vary as per individual model and variant, Tata Motors said in a statement.

Earlier this year, the company had announced a price hike by up to 2% from April 1, 2024 to offset the residual impact of the past input costs.

Tata Motors is a leading manufacturer of commercial vehicles, including trucks and buses, in India.