Tata Motors is a buy with 29% upside as continued recovery in India biz seen: Motilal Oswal

According to the brokerage, all three businesses of the company are in recovery mode. “While the India CV business will see a cyclical recovery, the India PV business is in a structural recovery mode. JLR is also witnessing a cyclical recovery, supported by a favorable product mix. However, supply-side issues will defer the recovery process.”