We believe that the Management's clear thrust on key 6 verticals with more emphasis on cash flow would result in strong balance sheet, going forward. Exit from unwanted business and curtailing investment indicates TTMT's focus on core business. We believe that this strategic decision would transform TTMT's business across segment over next 2 years. Further, the recent correction in stock price provides an opportunity to own good business, as the risk reward seems to be favourable. We assign BUY recommendation on the stock with an SOTPbased Target Price of Rs375 (valuing standalone business at Rs137; JLR at Rs345 and other...