New Delhi, Dec. 9 -- Shares of Tata Motors Commercial Vehicles came under renewed buying in Tuesday's trade, December 12, rising 3.60% to an intraday high of Rs.373.20 per share after domestic brokerage firm Ambit Capital initiated coverage on the stock with a 'Buy' rating and set a target price of Rs.430 per share, implying an upside potential of 21% from the latest closing price.

The brokerage's optimistic view is driven by the company's strong position in the Medium & Heavy Commercial Vehicle (M&HCV) segment, its efforts to address challenges in the Commercial Vehicles (CV) business through recent operational interventions, and its focus on fiscal discipline, which has translated into improved profitability.

Ambit also highlighted th...