Find the value of stock for Tata Motors. Where required rate of return is 16% at a given risk level. Tata Motors are expected to pay a dividend of $1.00 at the end of current year. Thereafter, the dividends are expected to grow at the rate of 25% per year for 2 years, and then drop to 18% for 1 year, before settling at the industry average growth rate of 10% indefinitely.