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Motilal Oswal keeps Sell on Tata Technologies, India Cements; sees up to 21% downside
Motilal Oswal retained Sell ratings on Tata Technologies and India Cements, citing premium valuations despite improving operations. It sees Tata Tech falling nearly 21% to Rs 600 and India Cements declining about 15% to Rs 350.
Reported figures
From the report. Source details below
| Tata Technologies revenue growth: | 4.3% QoQ in constant currency |
|---|---|
| Tenneco engagement: | USD 100 million |
| Tata Technologies valuation: | 38x 12-month forward P/E |
| India Cements grinding-capacity expansion: | 2.8 MTPA |
| India Cements FY27/FY28 EBITDA estimate increase: | about 13%/3% |
| India Cements valuation: | 16x FY28E EV/EBITDA |
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