Tata Capital shares: Nuvama ups target price; says Tata Motors Finance drag largely behind

Nuvama said Tata Capital had delivered a return on assets (RoA) of 2.5 per cent and return on equity (RoE) of 20 per cent in FY23. However, performance weakened during FY24-FY26 amid higher operating expenses, lower other income and the merger with TMFL.