Tata Capital Ltd. Share Price

Tata Motors Iveco offer of €3.82 bn ends 26 Oct

|Tata Motors Limited, the commercial vehicle company since the 2025 demerger, has a €3.82 billion cash offer for Iveco Group open until 26 October. Iveco holders vote on 16 October; payment is due 30 October. Offer facts: - €14.10 a share in cash, via TML CV Holdings B.V. - Acceptance 7 Sep to 26 Oct; reopening 2 to 6 Nov if triggered - Minimum acceptance 95%, or 80% with the back-end resolution; Exor (27.06%) is committed to tender - Funding: committed €3.825 billion bridge from Morgan Stanley and MUFG - Margins: Tata Motors EBITDA 10.9% in Q1 FY27 vs 11.8%; Iveco industrial adjusted EBIT 2.8% in Q2 2026 vs 4.2% Tata Motors [][***** shares closed at Rs 410.95 on 1 October on StockGro (NSE Rs 415.50), 9.7 percent below the 3 September close, the day Consob cleared the offer. P/E 36.11 includes a Rs 1,135 crore fair-value gain in Q1 PAT. My view: hold, not a fresh entry. The offer is about 27 percent of market cap, bridge-funded, for a business whose industrial margin is falling. The 2025 plan was about €1 billion from equity and a Tata Capital stake sale; I found no update, so dilution is open. Volumes are not the worry, Q2 sales rose 42.7 percent; debt and margin are. Iveco should enter the accounts only after the 30 October payment, so Q3 FY27 is its first quarter. Holders stay through 26 October; fresh money waits for the result and the refinancing plan. NSE resistance is Rs 440 to 450, the 25 and 23 September closes; no sourced support before the Rs 306.30 52-week low. My exit is a Q2 FY27 EBITDA margin below 10.9 percent, or equity above the €1 billion planned. Disclosure: Vijay Kumar Gupta, SEBI Registered Research Analyst, INH000020226, Vijay Gupta Advisory. SEBI registration and NISM certification do not guarantee performance or assure returns. Securities markets are subject to market risks. No holdings in the subject company.

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Tata Trusts' Restructuring Push Puts Tata Capital in Focus

Noel Tata, chairman of Tata Trusts, sent a proposal to Tata Sons on September 28 aimed at taking Tata Sons outside the RBI's NBFC and core investment company definitions, letting it stay unlisted and sidestep the RBI-mandated IPO. Background: This follows the RBI's September 12 rejection of Tata Sons' earlier request to surrender its regulatory registration. S&P's take: The ratings agency said yesterday that a potential Tata Sons listing or leadership change is unlikely to immediately affect ratings of Tata Steel, Tata Motors, Tata Power, or Tata Capital (all BBB/Stable). Stock most exposed:

, as the group's financial arm, is most directly tied to how Tata Sons' NBFC status gets resolved. Context: This adds to the ongoing Tata Sons-Tata Trusts dispute over N. Chandrasekaran's reappointment, which Noel Tata opposed.

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FPIs pour Rs 15,800 crore into pharma since July

Foreign portfolio investors invested ₹15,800 crore into Indian pharmaceutical shares between July and the first half of September. Despite this sector-wide inflow, IPCA Laboratories Limited

, Laurus Labs Limited (LAURUSLABS), and Glenmark Pharmaceuticals Limited (GLENMARK) were the top losers in the Nifty Pharma index on September 25. A ₹15,800 crore inflow over roughly two and a half months represents a substantial, sustained allocation into one sector, not a single day's rotation. Yet on the same day this figure was reported, three specific pharma names sat at the bottom of the sector index, moving opposite to the direction the aggregate flow data would suggest. Aggregate buying and individual stock performance can diverge sharply, even within the same sector and the same time window. Sector-wide FPI inflow data tells you capital is broadly rotating into pharma as a theme, but it says nothing about which specific companies within that sector are receiving that capital versus which ones are being sold even as the sector aggregate rises. IPCA Laboratories, Laurus Labs, and Glenmark Pharmaceuticals underperforming on the same day this inflow figure was published means either the money is concentrated in a narrower set of pharma names, or these three carry company-specific concerns strong enough to offset the sector tailwind. I would want to see the actual FII shareholding change for these three specific companies before assuming the sector inflow number applies evenly. A single sector-level statistic can mask real dispersion underneath it, exactly the kind of gap worth checking rather than assuming. My stance: the sector-level inflow is real, but I am not extending that as a positive read to these three specific names without their own company-level flow data. Watching individual shareholding disclosures for IPCA Laboratories, Laurus Labs, and Glenmark Pharmaceuticals before forming a view on any of them.

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Tata Capital: profit up 56%, but AUM up only 22%

Tata Capital Limited (NSE: TATACAP) reported Q1 FY27 profit of ₹1,547 crore, up 56.3%. Its loan book grew far slower, 22% to ₹2,90,502 crore. What happened Net interest income rose 25% to ₹3,571 crore. Return on assets improved to 2.3% from 1.8%, and return on equity to 13.7% from 12.5%. The cost to income ratio fell to 36.4%. Credit cost dropped to 1.0%, down 60 basis points in a year. Net NPA was 0.8%. Excluding the motor finance book, AUM grew 28%. Housing finance AUM rose 24% to ₹89,416 crore. The company is entering gold loans through an acquisition. Why it matters Banks have stepped back from unsecured and small ticket lending. Large NBFCs with cheap funding are taking that space. Tata Capital is AAA rated and 85.4% owned by Tata Sons, so it borrows cheaper than most rivals. My view Trace where the profit came from. Credit cost fell 60 basis points. On an average book near ₹2.7 lakh crore, that saving is worth roughly ₹400 crore in the quarter, before tax. Profit rose ₹557 crore. So more than half the jump is lower provisioning, not faster lending. That is not a criticism, but it sets the bar. Provisions cannot keep falling. From here, profit growth converges on loan growth, which management guides at 23% to 25% for FY27. On price, the stock is near ₹356, roughly 3.3 times book, for a 13.7% return on equity. The premium rests on the Tata name and funding cost. It works only if return on equity keeps climbing towards 15%. What I am watching Q2 FY27 results in October, credit costs near 1%, and return on equity moving up. On the chart, ₹380 is the 52-week high and ₹320 is support. My stance: Hold. Add near ₹320. A quality lender, priced like one. Disclosure: I do not hold a position in Tata Capital Limited at the time of writing. This is not investment advice.

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MUTHOOT FINANCE — THE GOLD LOAN GIANT 🥇🚀

India has billions of dollars of gold sitting inside households. Muthoot Finance has built a business around turning that idle wealth into instant liquidity. Gold ownership → Branch network → Instant credit → Repeat customers → Growing AUM. Muthoot isn't trying to reinvent lending. It has spent decades building expertise in one of India's most unique secured-lending markets — loans against household gold jewellery. And India's gold-loan opportunity is still expanding. The Indian gold-loan market reached approximately ₹18.6 lakh crore by March 2026, with the segment expected by industry estimates to grow further. Now combine that market with Muthoot's distribution. More branches → More customers → More gold pledged → Higher AUM → Higher interest income. The business also benefits from the fact that gold loans are secured lending, with the underlying collateral providing a significant layer of protection compared with unsecured consumer credit. And digitalisation is making the model even more scalable. Customers can increasingly access gold-loan services through digital channels while Muthoot continues to leverage its extensive physical branch network. But here's the bigger opportunity: Gold prices ↑ → Collateral value ↑ → Larger eligible loans → Higher loan demand. This creates a powerful structural tailwind — although higher gold prices can also affect borrower behaviour and competitive dynamics. And competition is increasing. Large financial institutions including Tata Capital, Aditya Birla Capital, Shriram Finance, L&T Finance and Godrej Finance are expanding in gold loans. This can put pressure on pricing and yields. That's the key risk investors need to monitor. But Muthoot has something difficult to replicate: Scale + brand + branch network + decades of gold-lending expertise. The long-term flywheel remains simple: More gold loans → More AUM → More income → More scale → Stronger distribution → More customers.

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Tata Chemicals shares crashed today, falling nearly 8–11%

Tata Chemicals falls sharply around ₹693–719, making it the biggest loser among Tata Group stocks. The decline comes amid boardroom turmoil at Tata Sons over N. Chandrasekaran’s reappointment and uncertainty around a potential Tata Sons listing. 📉 Stock Market Impact (18 Sept 2026) Tata Chemicals: Down 7.7–11.5%, trading around ₹693–719 Other Tata Group stocks: TCS: ↓ 3–4% Tata Motors Passenger Vehicles: ↓ 2.5–3.5% Tata Power: ↓ 1–2% Tata Investment Corporation: ↓ 2.5–3.9% Tata Steel: marginal decline Tata Capital: bucked trend, ↑ 1–2% ⚠️ Reasons for the Fall Boardroom Crisis: Tata Trusts opposed the Tata Sons board’s decision to reappoint N. Chandrasekaran as Executive Chairman for another 5 years, calling the resolution a “legal nullity.” Regulatory Pressure: RBI has directed Tata Sons to comply with listing requirements as an Upper Layer NBFC, reviving the prospect of a public listing. SP Group Proposal: Shapoorji Pallonji Group proposed monetising part of its Tata Sons stake (~₹25,000 crore), raising questions about ownership structure and liquidity. Tata Trusts’ Position: Reiterated opposition to Tata Sons going public, insisting on preserving the century‑old private structure. 📊 Tata Chemicals Q2 FY26 Results (Released Today) Revenue: ₹3,877 crore (↑ 4.25% QoQ) Operating Profit: ₹187 crore (↓ 49.3% QoQ) PAT: ₹77 crore (↓ 69.4% QoQ) Operating Margin: 4.82% EPS: ₹4.68 (↓ 52.6% QoQ) 🔍 Market Sentiment Bearish Trend: Technical indicators show strong downtrend in Tata Chemicals. Investor Concerns: Leadership uncertainty at Tata Sons, regulatory listing pressure, and weak quarterly earnings have combined to trigger heavy selling. Short‑Term Outlook: Volatile until clarity emerges on Tata Sons’ governance and listing path.

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