Page 4 of Investor

Volume estimates up; rise in rubber prices a worry; Apollo Tyres downgraded to Reduce; TP raised for MRF and CEAT

However, valuations limit upside; coverage initiated with Neutral and TP of Rs 440

Long term margin guidance up to Rs 5/SCM; growth prospects are bright; ‘Buy’ retained with TP of Rs 373

Results indicate demand recovery is faster than expected; FY21/22 EPS up 10/3%; TP raised to Rs 1,420; ‘Neutral’ maintained

Fire segment still a worry; estimates lowered to factor in Q2 showing; TP down to Rs 188; ‘Buy’ maintained

FY22e PAT up 1.5%; given recent spurt, downgraded to ‘Add’ with TP up to Rs 1,530

Provisions expected to be high in H2FY21; FY22-23e EPS up 3-5%; valuations are attractive; Buy retained with TP rising to…

Integrated silver output key surprise in results; firm paid interim dividend of Rs 21.3; ‘Hold’ rating maintained

Quarter sales were ahead of expectations; several catalysts are at work; HUL’s valuation remains very appealing; ‘Buy’ retained

Improvement in 1H Sept was broad-based; urban indicators up consistently; economy holding up well