India's Ashok Leyland, Tata Motors gain; Nomura bullish on Indian truck, bus sales

Tata Motors

22/12/2025 07:01

** Shares of Indian commercial vehicle makers Tata Motors TATM.NS and Ashok Leyland ASOK.NS climb 4.6% and 2%, respectively

** Nomura begins coverage of TATM with "Buy" and PT of 481 rupees, second-highest on Street, lifts ASOK's PT to St-high 196 rupees

** Brokerage sees pace of Indian CV sales growth picking up on improving affordability and as higher freight rates boost profitability for fleet operators

** Industry-wide CV sales growth for FY26, FY27 to rise to 8%-10% from 5%-6% - Nomura

** On ASOK, Nomura sees co's sales of medium & heavy CVs to rise 10% in FY26, FY27 (vs 5% and 6% earlier)

** Adds, ASOK remains brokerage's top pick in Indian CV sector

** On average, analysts rate both stocks "Buy" - data compiled by LSEG

** ASOK is up nearly 61% vs auto stocks' .NIFTYAUTO ~21% rise; TATM up 23% since listing mid-November

 (Reporting by Nandan Mandayam in Bengaluru)

 ((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))