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Shares of Tata Motors (Commercial Vehicles) rallied as much as 5% to their day’s high of Rs 420 on the BSE on Wednesday after the company outlined an ambitious roadmap for the next two years, targeting double-digit EBITDA margins, free cash flow of 7-9% of revenue, and annual investment spending of 2-4% of revenue by FY2028 as it pursues global expansion, electrification and higher-margin digital businesses.

At its Investor Day 2026, the company said it had already achieved several of its FY2027 targets ahead of schedule, including margin improvement, cash generation and strengthening its leadership position in heavy commercial vehicles.

Here’s what brokerages are saying:

JM Financial: With a buy call and target price of Rs 475, the brokerage implies an upside of 19% from current levels. Analysts said Tata Motors’ management remains optimistic on the long-term outlook for the commercial vehicle business, backed by healthy GDP growth, sustained infrastructure spending, and rising e-commerce penetration.

The brokerage also noted that GST-driven freight efficiencies continue to support demand for multi-axle trucks. While elevated diesel prices, commodity inflation, geopolitical uncertainties and the possibility of interest rate hikes remain near-term challenges, management believes these headwinds are manageable and do not materially alter the sector’s long-term growth prospects.

Also read: Tata Motors CV bets on global expansion, EVs and digital businesses for next phase of growth

Nomura:

The foreign brokerage has maintained its Neutral rating on Tata Motors with a target price of Rs 400. It said medium and heavy commercial vehicle demand has improved in June as concerns related to the recent war have eased.Following a plant visit, Nomura highlighted several initiatives undertaken by the company to enhance products and services through technology and digital integration. According to the brokerage, these efforts should strengthen Tata Motors’ long-term competitiveness and improve customer economics.

However, Nomura remains cautious on Iveco, citing weak performance over the past six months. It said it is awaiting greater clarity on the integration process and the realisation of synergies before turning more constructive on the stock.
For its forecasts, Nomura expects MHCV volumes to grow 5% each in FY27 and FY28, while EBITDA margins are estimated at 12.6% and 13.3%, respectively. The brokerage noted that volumes could see an upside if Tata Motors gains market share. It also expects Iveco’s EBIT margins to improve to 2.4% in FY27 and 5.5% in FY28.

Motilal Oswal: The brokerage has a Neutral rating and a target of Rs 416, implying 4% upside. It has turned cautious on the near-term outlook for Tata Motors’ commercial vehicle business, citing recent geopolitical tensions and their potential impact on the Indian economy. It also expects margins to remain under pressure in the near term. Read more: Tata Motors PV eyes over Rs 6 lakh crore revenue by FY31

Factoring in a more measured demand environment, Motilal Oswal now expects Tata Motors’ commercial vehicle volumes to grow at a CAGR of 6% over FY26-28. Based on this, it estimates revenue, EBITDA and profit after tax to grow at a CAGR of 8%, 8% and 10%, respectively, during the same period.

The brokerage said the stock appears fairly valued at 21.7 times FY27 estimated earnings and 18.6 times FY28 estimated earnings. The valuation is based on 12 times FY28 estimated EV/EBITDA for the core business, in line with peers, along with an additional value of Rs 12 per share for Tata Motors’ stake in Tata Capital.

South East Water (SEW) has announced a new chief executive designate after its previous boss resigned.

The heavily criticised water company said that John Halsall will take over from David Hinton, pending regulatory approval.

Halsall has previously worked for Thames Water, South West Water and Network Rail.

The announcement comes as SEW remains under fire for repeated water supply failures in Kent and Sussex and grapples with major infrastructure issues.

Halsall said that his priorities were “responding to customers’ immediate concerns” and delivering on short term improvements.

In the longer term, Halsall said that he would deliver the company’s largest ever investment programme of £2.1bn to “improve reliability and resilience”.

He added: “I look forward to working with our customers, community partners, regulators and colleagues to rebuild trust in South East Water, drive the improvements the business needs to deliver and make the changes people want to see.”

EXCLUSIVE — Former New York Gov. Andrew Cuomo is taking aim at both legacy financial institutions and Washington gridlock, warning that the U.S. is wasting time on a technology that could significantly lower costs for working-class families.

Speaking exclusively with Fox News Digital about his new role as co-chair of a joint venture between fintech company OKX and Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange (NYSE), Cuomo detailed how a shift toward blockchain technology could help reduce costs for consumers by limiting reliance on traditional banking intermediaries.

“This provides basic financial services, you have an account, you can pay bills, you can transfer money. And you don’t have to deal with the traditional banking establishment, minimum requirements,” Cuomo told Fox News Digital on Tuesday. “There are benefits across the board.”

“This is something that has been percolating for a long time, gestating, working through the tension that was first present between these companies and the traditional finance companies. We’ve now come to a general recognition that it has to be collaboration rather than competition,” he continued.

COINBASE C.E.O. SAYS CRYPTO BILL COULD TRANSFORM U.S. FINANCIAL SYSTEM AS SENATE VOTE APPROACHES

Cuomo argues that crypto is the latest chapter in America’s financial evolution. Much like the 1929 stock market crash helped lead to the creation of the Securities and Exchange Commission and the Enron scandal prompted corporate reforms, crypto’s early days are forcing a shift toward greater oversight. As co-chair of OKX and Intercontinental Exchange’s (ICE) efforts to build regulated digital markets, Cuomo said his goal is to merge Wall Street’s compliance framework with crypto’s 24/7 technology capabilities to tokenize mainstream equities and futures.

“When it first started, it was, ‘crypto was controversial,’” Cuomo pointed out, “but it was never about crypto. It was about the blockchain technology. And I think that’s what people missed for a lot of years. They got caught up in crypto and didn’t understand the potential of the blockchain.“

“The SEC, obviously, is going to have to change with the times, but the blockchain will be so much more time efficient and cost-efficient. You don’t need the intermediaries. Literally, you could trade directly, and it can be a 24/7 market, and it can be a global market,” he added.

He also addressed the frustration of the average middle-class family that feels pocketbook pain from legacy banking institutions, ATM fees and slow transaction times. By expanding blockchain access through smartphones, he believes the technology can provide financial access to the unbanked and underserved.

“Besides the tokenized securities, in general on this platform, you have a wallet, you can deposit your currency in your wallet, you can make payments from your wallet. And… for the average consumer, that makes a tremendous amount of difference. There are virtually no transaction fees. Payment is direct, payment is fast for the average consumer,” Cuomo explained. “And then there are literally billions of people globally who have no access to any financial service.”

To unlock blockchain’s full potential, Cuomo is urging Congress to pass the CLARITY Act, which he says would set firm rules of the road.

“You can’t claim an industry is the Wild West when there’s no sheriff. That’s why it’s the Wild West, because there’s no sheriff and there are no laws,” he said. “You don’t have more time. The situation is already manifested. Businesses are operating. People are transacting business. This should have been done a decade ago. You don’t have the luxury of time. You have to respond, the government has to respond on a timely basis to the situation that is presented. It is happening.”

Cuomo further responded to criticism made by traditional financial elites – including JPMorgan Chase Chairman and CEO Jamie Dimon – who claimed the Act fails to meet federal banking standards. 

“Now, I think a lot of the traditional finance guys were saying, ‘Well, hold on, this can dramatically change the industry. We need to understand all the consequences for the existing industry, so let’s take time because this may upend my business,’” Cuomo said, “but… you’re not putting the blockchain back in the box. It’s out there. It is happening. So, yes, the evolution will create disruption in the marketplace, but that is also how you evolve. And what these companies have to get is either you evolve and thrive, or you remain stagnant and die. That’s the way of the market.”

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The former New York governor and attorney general emphasized how the new venture marries the stability of the NYSE with cutting-edge technology to keep America competitive on the global stage.

“What excites me most is this brings the two giants together… The New York Stock Exchange is the iconic symbol of the American finance system… it just epitomizes the evolution and now the [blockchain] collaboration and the synergy and the partnership.”

READ MORE FROM FOX BUSINESS

US President Donald Trump has said he has ordered an investigation into major energy companies, accusing them of “gouging” customers by not cutting petrol prices after the cost of crude oil fell on global markets.

Trump wrote on social media that he has ordered the Department of Justice (DOJ) to “immediately start looking into this”, adding he had expected to see petrol prices fall “a lot faster than what I’m seeing.” He did not name any oil firms in the post.

His remarks come after the price of oil retreated from peaks seen during the Iran war but remain higher than before the conflict started.

The BBC has contacted the DOJ and the White House for comment.

“The big Oil Companies are not dropping their price at the pump commensurate with the sharply lower prices they are paying for Oil,” Trump said in the post.

“Those prices are dropping like a rock! In other words, customers are being ‘gouged.’”

Oil prices have seen dramatic swings since the US and Israel attacked Iran on 28 February.

Tehran responded to the US-Israeli strikes by effectively shutting the critical Strait of Hormuz waterway, severely disrupting shipments of oil and gas and sending energy prices sharply higher.

Brent crude, the global oil benchmark, reached almost $120 (£91) a barrel in May.

The price of Brent has dropped to around $76 barrel as peace talks progress but is still above the roughly $70 a barrel mark it was at before the conflict.

Meanwhile, the average price of regular gasoline in the US has fallen to about $3.90 a gallon after topping $4 a gallon in April but remains well above pre-war levels.