CITI ON TATA MOTORS PV ; SELL | TARGET CUT TO ₹270 FROM ₹305

• Strong domestic passenger vehicle demand and market-share gains offset by rising cost pressures. • Cuts India PV margin estimates amid concerns over profitability. • Reduces valuation multiple to 13x EV/EBITDA from 17x earlier. • JLR's upcoming model launches expected to increase marketing expenses. • Margin uncertainty at JLR keeps Citi cautious on the stock.

TATA MOTORS LIMITED

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