Tata Motors’ long-awaited demerger has finally reached its next stage. The Tata Motors Commercial Vehicles (TMCV) shares are set to list on Indian stock exchanges (BSE and NSE) on November 12, as per a notice released by the Bombay Stock Exchange (BSE). The new entity will be traded under the ‘T’ Group of Securities.
What the Tata Motors Demerger Means
The Tata Motors demerger, which officially took effect on October 1, has split the company into two independent listed entities:
- Tata Motors Commercial Vehicles Ltd (TMCVL) focusing on trucks, buses, and commercial vehicles.
- Tata Motors Passenger Vehicles Ltd (TMPVL) – handling passenger cars, electric vehicles (EVs) and the Jaguar Land Rover (JLR) business.
Investors received one share of TMCV for every Tata Motors share held as of the record date (October 14), under a 1:1 share entitlement ratio.
Listing Details of TMCV Shares
According to the BSE notice, more than 368 crore equity shares with a face value of ₹2 each will be listed under the ticker symbol TMCVL.
The stock will remain in the trade-for-trade segment for the first 10 trading sessions, which means it cannot be traded on an intraday basis initially.
Focus Areas of the Two New Companies
- Tata Motors Commercial Vehicles (TMCV): Will concentrate on commercial vehicle manufacturing and global partnerships.
- Tata Motors Passenger Vehicles (TMPV): Will focus on electric vehicles, passenger cars, and the JLR business.
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Valuation and Price Expectation
After the demerger adjustment, Tata Motors Passenger Vehicles Ltd started trading separately from October 14 at around ₹400 per share.
Analysts estimate the implied value of the commercial vehicles arm to be around ₹260–₹270 per share, based on the pre-demerger closing price of ₹660.75.
Experts are positive about the TMCV listing. According to SBI Securities, the TMCV stock may list between ₹320 and ₹470 per share. The brokerage expects a strong recovery in the domestic commercial vehicle (CV) market in the second half of FY26 supported by factors like:
- GST rate cut on CVs from 28% to 18%
- Rising replacement demand
- Growth in infrastructure and logistics sectors
- Potential integration with Iveco Group NV in FY27, which may help TMCV enter the global CV market.
Market Update
On Monday, Tata Motors Passenger Vehicle shares ended 1.22% higher at ₹410.60 per share on the BSE. Investors are now closely watching how TMCV shares perform when they debut on the stock market.
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