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PremiumTata Technologies IPO LIVE Updates : Tata Tech IPO subscribed 69.43 times on final day of bidding on November 24.
The retail investors portion has been subscribed 16.50 times, NII portion is subscribed 62.11 times, and Qualified Institutional Buyers (QIB) portion is booked 203.41 times. Employee portion has been subscribed 3.70 times Portion reserved for the shareholder has been booked 29.19 times.
Tata Technologies IPO has received bids for 3,12,64,91,340 shares against 4,50,29,207 shares on offer, according to data from the BSE.
The most-awaited initial public offering (IPO) of the year, Tata Technologies Ltd, opened for subscription on Wednesday, November 22, and closed on Friday, November 24.
Tata Technologies IPO subscription status on Day 2 is 14.85 times. The retail investors portion has been subscribed 11.19 times, NII portion is subscribed 31.03 times, and Qualified Institutional Buyers (QIB) portion is booked 8.55 times. Employee portion has been subscribed 2.36 times Portion reserved for the shareholder has been booked 20.02 times.
Tata Tech IPO subscription status on Day 1 was 6.55 times. Its NII portion was booked 11.69 times, whereas retail investors portion was subscribed 5.44 times. Its QIBs portion was booked 4.08 times.
Tata Technologies IPO has created a record of attracting the highest number of applications on its issue among private sector companies. With 50.6 lakh applications till only the second day of its issue, Tata Technologies IPO has overtaken major private companies such as Zomato, Reliance Power, Nykaa (FSN E-Commerce Ventures), and others.
Tata Motors Limited is the promoter of Tata Technologies. According to the company's RHP report, Tata Motors Limited holds an aggregate of 262,844,816 equity shares, comprising 64.79% of the pre-offer issued, subscribed, and paid-up equity share capital of the company.
The company-listed peers include KPIT Technologies Limited, L&T Technology Services, and Tata Elxsi Limited. Among these, the company said it has the deepest automotive footprint among India-based ER&D players and has a balanced talent presence across offshore and onsite locations.
“Its strong brand legacy, extensive automotive expertise, diversified global presence and strategic partnership with industry leaders provide a distinct advantage that aligns well with its growth ambitions. Hence, we assign a “Subscribe" rating on a medium to long-term basis," said Geojit Financial Services, a brokerage firm.
Brokerage firm Motilal Oswal Financial Services said it likes Tata Technologies and recommended ‘Subscribe’ given its niche presence, strong parentage and strategic partnership with marquee clients.
“This along with Tata Tech’s focus on diversifying its offerings and clients, puts it in a sweet spot to tap huge outsourcing opportunities in ER&D space. The IPO is attractively priced at 29x 1HFY24 P/E (on an annualized basis) which is at a discount to its peers. Tata Group is coming with an IPO after a gap of 19 years, catching investors fancy and hence could see listing gains as well," said Motilal Oswal Financial Services.
Tata Technologies IPO GMP today, or grey market premium today, is ₹388 per share, which is 77.6% higher than the issue price, market observers said.
This indicates that the Tata Technologies shares are trading at a premium of 77% at ₹888 apiece in the grey market.
The company’s revenues are highly dependent on clients concentrated in the automotive segment. An economic slowdown or factors affecting this segment may have an adverse effect on its business, financial condition and results of operations, as per the RHP.
Tata Technologies derives a material portion of its revenues from its top 5 clients. The company is exposed to continued growth in top clients and any deterioration in client’s business may lead to slower growth.
Tata Technologies expects a significant amount of future revenue to come from new energy vehicle companies, many of whom may be startup companies.
The company had negative cash flows in the past and may continue to have negative cash flows in the future, which could adversely affect its liquidity and operations. For FY22 and the six-month period ended September 30, 2023, its net cash flow from operating activities was negative.
The company also faces a risk of exchange rate fluctuations in various currencies in which it does business.
“Tata Technologies is a pure-play manufacturing focused ER&D Company, primarily focused on the automotive industry with additional growth drivers including a heightened focus on smart manufacturing, reducing product development time and cost, connecting the digital thread and enhancing customer experience. As a subsidiary of Tata Motors Ltd (“TML"), they benefit from long-term relationships with both TML and JLR which strengthens to tap the large opportunity in automotive ER&D markets, adjacent verticals to tap the wide business network. Considering the healthy business prospects, strong parentage, superior financials with improvement in margins and ratios provides a valuation comfort. Therefore we recommend a SUBSCRIBE to the issue," said Vikas Jain, senior research analyst at Reliance Securities.
Tata Technologies IPO subscription status is 14.85 times at 17:00 IST.
Tata Tech IPO's retail investors portion has been subscribed 11.19 times, NII portion is subscribed 31.03 times, and Qualified Institutional Buyers (QIB) portion is booked 8.55 times. Employee portion has been subscribed 2.36 times Portion reserved for the shareholder has been booked 20.02 times.
Tata Technologies IPO has received bids for 66,87,31,680 shares against 4,50,29,207 shares on offer, according to data from the BSE.
Tata Technologies IPO subscription status is 14.67 times at 16:45 IST.
Tata Tech IPO's retail investors portion has been subscribed 11.06 times, NII portion is subscribed 30.49 times, and Qualified Institutional Buyers (QIB) portion is booked 8.55 times. Employee portion has been subscribed 2.34 times Portion reserved for the shareholder has been booked 19.79 times.
Tata Technologies IPO has received bids for 66,07,16,400 shares against 4,50,29,207 shares on offer, according to data from the BSE.
Tata Technologies IPO subscription status is 14.31 times at 16:30 IST.
Tata Tech IPO's retail investors portion has been subscribed 10.94 times, NII portion is subscribed 29.39 times, and Qualified Institutional Buyers (QIB) portion is booked 8.21 times. Employee portion has been subscribed 2.31 times Portion reserved for the shareholder has been booked 19.51 times.
Tata Technologies IPO has received bids for 64,43,39,610 shares against 4,50,29,207 shares on offer, according to data from the BSE.
Tata Technologies IPO subscription status is 14.03 times at 16:15 IST.
Tata Tech IPO's retail investors portion has been subscribed 10.80 times, NII portion is subscribed 28.57 times, and Qualified Institutional Buyers (QIB) portion is booked 8.20 times. Employee portion has been subscribed 2.24 times Portion reserved for the shareholder has been booked 18.97 times.
Tata Technologies IPO has received bids for 63,19,54,410 shares against 4,50,29,207 shares on offer, according to data from the BSE.
Tata Technologies IPO subscription status is 13.75 times at 16:00 IST.
Tata Tech IPO's retail investors portion has been subscribed 10.72 times, NII portion is subscribed 28.39 times, and Qualified Institutional Buyers (QIB) portion is booked 7.34 times. Employee portion has been subscribed 2.23 times Portion reserved for the shareholder has been booked 18.85 times.
Tata Technologies IPO has received bids for 61,91,07,840 shares against 4,50,29,207 shares on offer, according to data from the BSE.
Tata Technologies IPO subscription status is 13.59 times at 15:45 IST.
Tata Tech IPO's retail investors portion has been subscribed 10.64 times, NII portion is subscribed 28.14 times, and Qualified Institutional Buyers (QIB) portion is booked 7.09 times. Employee portion has been subscribed 2.21 times Portion reserved for the shareholder has been booked 18.72 times.
Tata Technologies IPO has received bids for 61,21,65,780 shares against 4,50,29,207 shares on offer, according to data from the BSE.
Tata Technologies IPO subscription status is 13.32 times at 15:30 IST.
Tata Tech IPO's retail investors portion has been subscribed 10.47 times, NII portion is subscribed 27.44 times, and Qualified Institutional Buyers (QIB) portion is booked 6.90 times. Employee portion has been subscribed 2.17 times Portion reserved for the shareholder has been booked 18.45 times.
Tata Technologies IPO has received bids for 59,97,95,850 shares against 4,50,29,207 shares on offer, according to data from the BSE.
Tata Technologies IPO subscription status is 13.11 times at 15:15 IST.
Tata Tech IPO's retail investors portion has been subscribed 10.34 times, NII portion is subscribed 26.69 times, and Qualified Institutional Buyers (QIB) portion is booked 6.90 times. Employee portion has been subscribed 2.15 times Portion reserved for the shareholder has been booked 17.25 times.
Tata Technologies IPO has received bids for 59,04,64,200 shares against 4,50,29,207 shares on offer, according to data from the BSE.
Tata Technologies IPO subscription status is 12:49 times at 15:00 IST.
Tata Tech IPO's retail investors portion has been subscribed 9.90 times, NII portion is subscribed 25.01 times, and Qualified Institutional Buyers (QIB) portion is booked 6.89 times. Employee portion has been subscribed 2.10 times Portion reserved for the shareholder has been booked 17.25 times.
Tata Technologies IPO has received bids for 56,23,91,550 shares against 4,50,29,207 shares on offer, according to data from the BSE.
Tata Technologies IPO subscription status is 12:28 times at 14:45 IST.
Tata Tech IPO's retail investors portion has been subscribed 9.74 times, NII portion is subscribed 24.40 times, and Qualified Institutional Buyers (QIB) portion is booked 6.88 times. Employee portion has been subscribed 2.07 times Portion reserved for the shareholder has been booked 16:98 times.
Tata Technologies IPO has received bids for 55,28,63,190 shares against 4,50,29,207 shares on offer, according to data from the BSE.
Tata Technologies IPO subscription status is 12:14 times at 14:30 IST.
Tata Tech IPO's retail investors portion has been subscribed 9.61 times, NII portion is subscribed 24.14 times, and Qualified Institutional Buyers (QIB) portion is booked 6.87 times. Employee portion has been subscribed 2.04 times Portion reserved for the shareholder has been booked 16:73 times.
Tata Technologies IPO has received bids for 54,67,23,330 shares against 4,50,29,207 shares on offer, according to data from the BSE.
Tata Technologies IPO subscription status is 11:82 times at 14:15 IST.
Tata Tech IPO's retail investors portion has been subscribed 9.48 times, NII portion is subscribed 23.64 times, and Qualified Institutional Buyers (QIB) portion is booked 6.22 times. Employee portion has been subscribed 2.01 times Portion reserved for the shareholder has been booked 16:51 times.
Tata Technologies IPO has received bids for 53,21,84,550 shares against 4,50,29,207 shares on offer, according to data from the BSE.
Tata Technologies IPO subscription status is 11:66 times at 14:00 IST.
Tata Tech IPO's retail investors portion has been subscribed 9.35 times, NII portion is subscribed 23.24 times, and Qualified Institutional Buyers (QIB) portion is booked 6.21 times. Employee portion has been subscribed 1.98 times Portion reserved for the shareholder has been booked 16:26 times.
Tata Technologies IPO has received bids for 52,48,79,190 shares against 4,50,29,207 shares on offer, according to data from the BSE.
Tata Technologies IPO subscription status is 11:09 times at 13:45 IST.
Tata Tech IPO's retail investors portion has been subscribed 9.26 times, NII portion is subscribed 23.06 times, and Qualified Institutional Buyers (QIB) portion is booked 4.15 times. Employee portion has been subscribed 1.96 times Portion reserved for the shareholder has been booked 16:14 times.
Tata Technologies IPO has received bids for 49,93,24,830 shares against 4,50,29,207 shares on offer, according to data from the BSE.
Tata Technologies IPO subscription status is 10:97 times at 13:30 IST.
Tata Tech IPO's retail investors portion has been subscribed 9.14 times, NII portion is subscribed 22.80 times, and Qualified Institutional Buyers (QIB) portion is booked 4.15 times. Employee portion has been subscribed 1.93 times Portion reserved for the shareholder has been booked 15.96 times.
Tata Technologies IPO has received bids for 49,39,88,250 shares against 4,50,29,207 shares on offer, according to data from the BSE.
Tata Technologies IPO subscription status is 10:66 times at 13:15 IST.
Tata Tech IPO's retail investors portion has been subscribed 8.95 times, NII portion is subscribed 21.75 times, and Qualified Institutional Buyers (QIB) portion is booked 4.15 times. Employee portion has been subscribed 1.90 times Portion reserved for the shareholder has been booked 15.66 times.
Tata Technologies IPO has received bids for 48,02,34,060 shares against 4,50,29,207 shares on offer, according to data from the BSE.
Tata Technologies IPO subscription status is 10:49 times at 13:00 IST.
Tata Tech IPO's retail investors portion has been subscribed 8.83 times, NII portion is subscribed 21.23 times, and Qualified Institutional Buyers (QIB) portion is booked 4.15 times. Employee portion has been subscribed 1.87 times Portion reserved for the shareholder has been booked 15.43 times.
Tata Technologies IPO has received bids for 47,23,87,350 shares against 4,50,29,207 shares on offer, according to data from the BSE.
Tata Technologies IPO subscription status is 10:41 times at 12:48 IST.
Tata Tech IPO's retail investors portion has been subscribed 8.75 times, NII portion is subscribed 21.07 times, and Qualified Institutional Buyers (QIB) portion is booked 4.14 times. Employee portion has been subscribed 1.85 times Portion reserved for the shareholder has been booked 15.31 times.
Tata Technologies IPO has received bids for 46,87,62,060 shares against 4,50,29,207 shares on offer, according to data from the BSE.
Tata Technologies IPO subscription status is 10:22 times at 12:30 IST.
Tata Tech IPO's retail investors portion has been subscribed 8.57 times, NII portion is subscribed 20.63 times, and Qualified Institutional Buyers (QIB) portion is booked 4.13 times. Employee portion has been subscribed 1.83 times Portion reserved for the shareholder has been booked 15.03 times.
Tata Technologies IPO has received bids for 46,00,35,180 shares against 4,50,29,207 shares on offer, according to data from the BSE.
Tata Technologies IPO subscription status is 10:04 times at 12:15 IST.
Tata Tech IPO's retail investors portion has been subscribed 8.44 times, NII portion is subscribed 20.09 times, and Qualified Institutional Buyers (QIB) portion is booked 4.13 times. Employee portion has been subscribed 1.80 times Portion reserved for the shareholder has been booked 14.80 times.
Tata Technologies IPO has received bids for 45,19,80,540 shares against 4,50,29,207 shares on offer, according to data from the BSE.
Tata Technologies IPO subscription status is 9.89 times at 12:00 IST.
Tata Tech IPO's retail investors portion has been subscribed 8.29 times, NII portion is subscribed 19.80 times, and Qualified Institutional Buyers (QIB) portion is booked 4.13 times. Employee portion has been subscribed 1.77 times Portion reserved for the shareholder has been booked 14.55 times.
Tata Technologies IPO has received bids for 44,53,55,010 shares against 4,50,29,207 shares on offer, according to data from the BSE.
Tata Technologies IPO subscription status is 9.56 times at 11:39 IST.
Tata Tech IPO's retail investors portion has been subscribed 8.10 times, NII portion is subscribed 18.93 times, and Qualified Institutional Buyers (QIB) portion is booked 4.12 times. Employee portion has been subscribed 1.69 times Portion reserved for the shareholder has been booked 13.90 times.
Tata Technologies IPO has received bids for 43,06,74,690 shares against 4,50,29,207 shares on offer, according to data from the BSE.
Tata Technologies IPO subscription status is 9.31 times at 11:24 IST.
Tata Tech IPO's retail investors portion has been subscribed 7.92 times, NII portion is subscribed 18.22 times, and Qualified Institutional Buyers (QIB) portion is booked 4.12 times. Employee portion has been subscribed 1.66 times Portion reserved for the shareholder has been booked 13.51 times.
Tata Technologies IPO has received bids for 41,93,92,770 shares against 4,50,29,207 shares on offer, according to data from the BSE.
Tata Technologies IPO subscription status is 8.85 times at 11:12 IST.
Tata Tech IPO's retail investors portion has been subscribed 7.58 times, NII portion is subscribed 16.94 times, and Qualified Institutional Buyers (QIB) portion is booked 4.11 times. Employee portion has been subscribed 1.61 times Portion reserved for the shareholder has been booked 12.80 times.
Tata Technologies IPO has received bids for 39,83,81,160 shares against 4,50,29,207 shares on offer, according to data from the BSE.
Tata Technologies IPO subscription status is 8.72 times at 10:57 IST.
Tata Tech IPO's retail investors portion has been subscribed 7.46 times, NII portion is subscribed 16.68 times, and Qualified Institutional Buyers (QIB) portion is booked 4.11 times. Employee portion has been subscribed 1.58 times Portion reserved for the shareholder has been booked 12.60 times.
Tata Technologies IPO has received bids for 39,28,61,850 shares against 4,50,29,207 shares on offer, according to data from the BSE.
Tata Technologies IPO subscription status is 8.24 times at 10:33 IST.
Tata Tech IPO's retail investors portion has been subscribed 7.13 times, NII portion is subscribed 15.27 times, and Qualified Institutional Buyers (QIB) portion is booked 4.10 times. Employee portion has been subscribed 1.51 times Portion reserved for the shareholder has been booked 11.91 times.
Tata Technologies IPO has received bids for 37,11,81,030 shares against 4,50,29,207 shares on offer, according to data from the BSE.
Tata Technologies IPO subscription status is 7.72 times at 10:18 IST.
Tata Tech IPO's retail investors portion has been subscribed 6.80 times, NII portion is subscribed 13.58 times, and Qualified Institutional Buyers (QIB) portion is booked 4.09 times. Employee portion has been subscribed 1.44 times Portion reserved for the shareholder has been booked 11.32 times.
Tata Technologies IPO has received bids for 34,78,11,840 shares against 4,50,29,207 shares on offer, according to data from the BSE.
Tata Technologies IPO subscription status is 7.39 times at 10:06 IST.
Tata Tech IPO's retail investors portion has been subscribed 6.46 times, NII portion is subscribed 12.94 times, and Qualified Institutional Buyers (QIB) portion is booked 4.09 times. Employee portion has been subscribed 1.36 times Portion reserved for the shareholder has been booked 10.77 times.
Tata Technologies IPO has received bids for 33,29,72,820 shares against 4,50,29,207 shares on offer, according to data from the BSE.
“Over FY20-23 sales grew by 15.7% and came at ₹4414 cr in FY23. H1FY24 sales came at ₹2526.7cr (+33.8% YoY). EBIT margins have also improved from 13% in FY20 to 16.5% in FY23. Going ahead the automotive outsourced ER&D market is pegged at $18-20 billion and is expected to grow at a CAGR of 11 % and reaching USD 27- 29 bn by 2026E. The company being a pure-play manufacturing focused ER&D company, primarily focused on the automotive industry , will be benefit from the growth in the industry .The company plans to strengthen relationships with existing clients, target new high potential accounts with large annual ER&D spends and new energy vehicle companies, to drive the growth. ROE and ROCE also improved and stood at 20.9% and 24.3% respectively for FY23. With this, at the given upper price band of issue of ₹500, Tata Technologies is offered at annualized H1FY24 PE of 28.8x which we feel is attractive. We recommend subscribing to the issue," the brokerage said.
Tentatively, Tata Technologies IPO basis of allotment of shares will be finalised on Thursday, November 30 and the company will initiate refunds on Friday, December 1, while the shares will be credited to the demat account of allottees on Monday, December 4. Tata Technologies IPO shares are likely to be listed on BSE and NSE on Tuesday, December 5. If in case, the company decides to switch to T+3 norm, the dates will get preponed.
Tata Tech IPO GMP today, or grey market premium, is +395. This indicates Tata Technologies share price now is trading at a premium of ₹395 in the grey market on Thursday, according to investorgain.com.
Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Tata Tech share price is indicated at ₹895 apiece, which is 79% higher than the IPO price of ₹500.
On last 38 sessions grey market activities, today IPO GMP points upward and expects a strong listing. The lowest GMP is ₹240, while the highest GMP is ₹395, as per investorgain.com analysts.
'Grey market premium' indicates investors' readiness to pay more than the issue price.
The brokerage states that CAD/CAM engineering and design consultancy, SAP implementation, and IT consultancy are among the services offered by Tata Technologies Limited. As of FY23, services accounted for about 80% of revenue, products for 11%, and education for 9%. The automotive industry, which is seeing strong traction due to disruption, accounts for the majority of the company's vertical revenue generation. In addition to the automotive industry, aerospace will greatly benefit from plans by aircraft manufacturers to expand their capacity and from MRO activities.
“Its revenue and PAT has grown at a CAGR of 36% & 62% over FY21-FY23. H1FY24 has seen 34% & 36% YoY revenue and PAT growth and we expect robust earnings growth going forward. It is valued at ~33x FY23 EPS vs peer average of ~63x FY23 EPS. Hence, we recommend SUBSCRIBE," the brokerage said.
Tata Tech receives a significant portion of its revenue from its top five clients, which include Tata Motors Limited and some of its subsidiaries, as well as Jaguar Land Rover Limited. 72.75% of revenue comes in from the these clients. Any negative changes in their business could significantly impact the company's financial health.
Tata Technologies is a leading global engineering services company with deep expertise in the automation industry. The company posted consistent growth in revenue and margins in the last few years. Tata is known as an investor friendly group and enjoys special preference amongst investors. Company has differentiated capabilities in new age automation trend EV’s. Investors can invest in the Tata group IPO with a long-term perspective, said Mastertrust Broking & Investments.
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Tata Technologies is ranked first among all India-based ER&D service providers and is among the top-2 globally, in electrification. For automotive ER&D services, it is ranked first among India service providers. The company boasts a marquee set of clients including automotive giants within the Tata group. The company has improved its profitability margins over the reported period.
At the higher price band, Tata Technologies is demanding a TTM P/E multiple of 28.3x (to its TTM earning per share of ₹17.7), which is at a discount to the peer average of 55.3x. With the existence of a well-recognized brand and an experienced promoter, we assign a “SUBSCRIBE" rating for this issue, said Choice Broking.
Tata names carry a legacy of trust, a sentiment underscored by the remarkable response to Tata Technology's IPO—the first from the Tata Group in 19 years. The overwhelming investor interest is a testament to the enduring faith in the Tata brand. This confidence is further buoyed by a robust business model and compelling valuations, aligning seamlessly with investor expectations and contributing to the IPO's success. The resounding support for Tata Technology reflects not only investor confidence in the company but also the enduring reputation for reliability and excellence that the Tata Group embodies, said Shivani Nyati, Head of Wealth, Swastika Investmart.
The first day of Tata Tech IPO subscription concluded with a proactive role of non institutional investors (NII). The Tata Group IPO's subscription stateus was 6.55 on Wednesday. Its NII subscription status stood at 11.69 times, whereas retail investors portion was subscribed 5.44 times. Its Qualified Institutional Buyers (QIBs) portion was booked 4.08 times. The issue is open for subscription till November 24.
The IPO price band has been fixed in the range of ₹475 to ₹500 per equity share of face value of ₹2.
Global ER&D spending by Tata Tech is expected to grow at 10% CAGR to $2.7 tn by 2026 with 3rd party outsourcing expected to grow faster at 14-17% for Indian players. The largest ER&D vertical Automotive is expected to grow at 7% CAGR by 2026 to $27-29bn led by disruption in automotive industry due to autonomous, connected, electrification, and shared mobility, according to Motilal Oswal.
Tata Technologies operate in around 19 global delivery centres distributed across North America, Europe, and the Asia Pacific region. The client portfolio includes anchor clients Tata Motors and JLR, along with prominent traditional OEMs like Airbus, McLaren, Honda, Ford, and Cooper Standard
The growth of Tata Technologies is driven by increasing demand for autonomous and connected technologies, electrification, and widespread adoption of digitalization and technology-enabled skills in the automotive industry.
The strong brand legacy, extensive automotive expertise and diversified global presence of Tata Tech will help boost its growth ambitions, according to Geojit Financial Services.
“At the upper price band of Rs.500, Tata Technologies is available at P/E of 28.8x (FY24E annualised EPS), which appears to be reasonably priced compared to peers. Its strong brand legacy, extensive automotive expertise, diversified global presence and strategic partnership with industry leaders provide a distinct advantage that aligns well with its growth ambitions. Hence, we assign a “Subscribe" rating on a medium to long-term basis," said Geojit Financial Services.
Brokerage firm Motilal Oswal Financial Services said that the Tata Tech IPO is expected to catch investors fancy and could see listing gains as well.
“The IPO is attractively priced at 29x 1HFY24 P/E (on annualized basis) which is at a discount to its peers. Tata Group is coming with an IPO after a gap of 19 years, catching investors fancy and hence could see listing gains as well," said Motilal Oswal.
Tata Tech Limited is leading global engineering services player offering product developtment and digital solutions. The company enjoyes a niche presence, strong parentage and strategic partnership with marquee clients in the industry.
“We like TTL and recommend Subscribe given its niche presence, strong parentage and strategic partnership with marquee clients. This along with TTL’s focus on diversifying its offerings and clients, puts it in a sweet spot to tap huge outsourcing opportunity in ER&D space," said Motilal Oswal.
