India revenue growth of 13% key positive; adjusting for Q3 and lower Taro sales, FY20/21/22e EPS down 4/7/1%; ‘Buy’ maintained

FY20/21/22e Ebitda up 5/9/9% to factor in results and higher-than-expected price rise; TP revised to Rs 468; ‘Hold’ maintained

FY20e EPS up 12% to factor in recovery from IBC account; valuations are attractive; ‘Buy’ retained

Standalone performance remained weak with CV margins additionally impacted by `2.4 billion one-off related to prior periods.

Almost 70% of HAVL’s biz mix is B2C and the remainder B2B. Weak macros, liquidity challenges and slowdown in infra…

FY20-22e EPS cut by 3% due to macro scenario; TP revised to Rs 850; ‘Buy’ maintained

TP up to Rs 2,500; Q4FY20 is expected to be soft; ‘Buy’ retained as company is likely to outperform peers…

Companies with higher share of PPC in sales mix and greater exposure to North region will be affected

Response to USFDA will be vital; specialty business, with positive outlook, key to earnings; risk reward is favourable; ‘Buy’ retained.

FNXC’s cables & wires applications range from domestic, industrial (Electrical) to transmission of content, voice & data (Communication).

We estimate clinker utilisation there to improve from ~82% in FY19 to 84% and 91% respectively by FY22E against all-India…

Net stress reduction was a highlight; core profitability went up; Axis, ICICI, SBI and HDFC Bank are top picks

Production performance, although preannounced, remains tepid, however, with domestic gas production now 10% off the late 2018 peaks and oil…

Hindalco’s Q2 India Ebitda fell 1% q-o-q as expected, but Group Ebitda rose 5% q-o-q due to strong Novelis Ebitda.

Focus on volumes and launches will limit margin expansion; ‘Hold’ retained given stretched valuations and the earnings outlook.