The shares of Tata Motors gained over 3% to Rs 1044 on the NSE after Moody’s Investors Service affirmed Tata Motors’ corporate family rating at “Ba3” and maintained a “positive” outlook. This decision follows the automaker’s strategic move to demerge its commercial and passenger vehicle businesses, intending to list them separately on exchanges.
The demerger, subject to shareholders’ and regulatory approvals, is expected to be completed within the next 12-15 months. Moody’s acknowledges that while the demerger will result in Tata Motors’ remaining operations comprising only commercial vehicles (CVs), the company’s robust presence.
Holding about 40% share in India’s growing CV industry, and its demonstrated ability to generate significant free cash flow through industry cycles, will support its credit profile.
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“While the demerger would result in TML’s remaining operations comprising only CVs, the company’s strong foothold with about 40% share in India’s growing CV industry and the business’ demonstrated ability in generating large free cash flow through industry cycles will support its credit profile,” says Kaustubh Chaubal, senior vice president at the global ratings agency.
Under the proposed demerger, all Tata Motors shareholders will have identical shareholding in both listed companies – the Passenger Vehicle subsidiary (PV-CO) and the Commercial Vehicle subsidiary (CV-CO). This structure aims to optimize synergies across Tata Motors’ passenger and electric vehicle businesses in India and arm Jaguar Land Rover (JLR).
While the specifics of the demerger are yet to be announced, Moody’s believes that the commercial vehicle unit is likely to generate substantial earnings and cash flow, comfortably servicing its debt obligations.
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Even if the entire debt at Tata Motors’ Indian operations and at intermediate holding company TML Holdings Ltd were to be serviced out of CV-CO’s cash flows, its credit profile would remain sufficiently strong to support the positive outlook, according to Moody’s.
Tata Motors stocks performance in last one year
The shares of Tata Motors have demonstrated positive returns across various time intervals. In the last month, the stock delivered a positive return of 11.40%. Over the past six months, it exhibited strong momentum with returns of 69.21%, indicating a robust performance.
Year-to-date figures further emphasized the stock’s bullish trend, recording an impressive growth of 31.66%. Looking at the broader horizon, the shares have shown consistent strength, given returns of over 136.95% in the last year.
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