Recommendation: Reduce; Target price: Rs 460
Improved economic conditions and increased purchasing power in rural areas contributed to the surge in demand.
Counteroffers must be 5% greater than the anchor offer of Rs 1,220 crore, according to the lenders' requirements.
TML originally issued 'A' Ordinary shares in 2008, followed by another QIP in 2010.
Its profit after tax (PAT) margin increased sequentially by 195 bps to 5.7%, while its EBITDA margin increased sequentially by 97 bps to 21.1%.
The price band for the IPO has been fixed at Rs 285 to Rs 300 per equity share.
Recommendation: Buy; Target price: Rs 1750
Although it climbed by almost 7% YoY to Rs 9,182.31 crore, the total revenue from operations fell short of the expected Rs 9,358 crore.
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