We initiate coverage of Godrej Properties (GPL), a leading pan-India developer, with a ‘buy’ rating and PO of Rs 756 as (1) strong ‘Godrej’ brand + asset light model make GPL best placed to benefit from consolidation
We raise our EPS estimates for ICICI Prudential Life Insurance (I-Pru) by 2-3% over FY18-19 as we believe that the company can deliver stronger topline growth driven by market share gains in a fast growing industry.
We downgrade Cipla from Neutral to Underperform (U/P) as we believe that the current 70% valuation premium to peers is not justified especially due to several downside risks to market earnings growth expectations.
Sun Pharma (SUNP) has announced that it has entered into an agreement to acquire 85.1% stake in JSC Biosintez— a private Russian pharmaceutical company with manufacturing facilities in Russia and marketing products primaril
After therecentcorrection inNTPC’sshareprice,weupgradeittobuyasvaluationat 1SD below mean could rerate on the back of: a potential cut in interest rates; & initiation of two structural reforms –policy mandating shut down