Sell Tata Technologies Ltd For Target Rs. 570 by Motilal Oswal Financial Services Ltd

* We expect growth of 1.5% QoQ CC in 2Q. The inorganic contribution from recent acquisition is likely to flow from 3Q onward. Expect the JLR cybersecurity issue to be a major overhang in the coming quarter’s growth numbers.
* Growth momentum is expected to improve in 2H driven by seasonal uplift in products business.
* Comments on demand recovery schedule, client conversation & margin recovery will be key to track.
* Margins are expected to increase to 14.5% as 1Q was tempered due to growth deleverage.
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