STOCK AND COMPANY IMPACT ANALYSIS

Alembic Pharma

12-month target
Rs 1150
Focus on health spending a positive. Despite weakness in the US business this quarter, management has reiterated its US revenue guidance of USD400-500m by FY24, India business delivered strong growth of 14% YoY in 3Q. Budget likely positive.
CMP 795.55
52 Week Range H/L 1096.95-720.35
Market Cap (Cr) 155982.67

Avenue Supermarts Ltd.

12-month target
Rs 3000
Consumption, economic recovery to boost. Sales are gradually recovering for Avenue Supermarkets, with 3Q sales up 10% YoY vs decline of 34%/12% in 1Q/2Q.
CMP 4302.75
52 Week Range H/L 5900.00-2610.00
Market Cap (Cr) 2786078.95

Ceat Ltd.

12-month target
Rs 1560
Economic recovery, consumption to boost sentiments. Tyre industry volumes have recovered faster than our earlier expectations due to better than expected ramp-up in volumes in both, the replacement and OE segments.
CMP 1163.40
52 Week Range H/L 1763.00-1060.00
Market Cap (Cr) 47114.24

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