demonstrates the future potential of the changing technology landscape in mobility. We value TML at a revised target price of | 515 on SOTP basis vs. | 450 earlier (15x, 3.3x FY23E EV/EBITDA on India, JLR businesses, respectively). We slightly revise India PV, JLR volume estimates and arrive at | 90/share value for EVCo assuming 15% stake sale @| 7,500 crore (conservatively) and 20% holding company discount. ICICI Securities Retail Equity Research...