TMCV Rallies as Ambit Capital Initiates 'Buy', Projects 21% Upside

• TMCV shares rallied 3.5% after Ambit Capital initiated 'Buy' coverage, setting a Rs 430 target price and projecting a 21% upside.
• Ambit's bullish stance is based on TMCV's strong M&HCV leadership, operational improvements, and fiscal discipline.
• The IVECO–TMCV combination is expected to expand the total addressable market to over Rs 2 trillion and generate synergies.
• The IVECO acquisition is seen as transformational, broadening global reach and technology, with double-digit bus growth expected in CY25.

Why It Matters: Ambit Capital's 'Buy' rating suggests significant upside for Tata Motors stock.