Tata Motors: Regaining share in PVs, retain ‘buy’ at Rs 435 PT

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Tata is regaining share in PVs, will launch a new SUV in 2HCY21 and is leading in EVs. We retain ‘buy’ at Rs 435 PT with India contributing Rs 200/sh of value. In an optimistic scenario, we see India value rising to Rs 300/sh in 2Y.