BUZZ — India's Tata Motors PV to benefit from rising EV adoption, says Elara; upgrades stock

* Indian auto maker Tata Motors Passenger Vehicles' market share will be resilient in the near term on increasing battery electric vehicle penetration, says Elara Capital * Brokerage firm upgrades stock rating to "Accumulate" from "Reduce"; trims TP to 338 rupees from 351 rupees to account for margin strain * "TMPV India BEV is a key beneficiary of the recent resurgence in EVs, with a ~40% market share", says Elara * Brokerage says while EVs are margin-dilutive initially, it sees the category building a multi-year moat at TAMO * Elara said Tata Motors' technology-sharing agreement with Stellantis could support India-based exports and create upside to its FY29 forecasts * 25 analysts on average rate the stock "Hold", median TP of 365 rupees - data compiled * TAMO down 0.6% at 284 rupees; YTD, shares down 22.57% (Reporting by Saikeerthi in Bengaluru) ((mailto:Saikeerthi@thomsonreuters.com;)