Upgrade TRP to BUY: TRP corrected ~15% over the last one month on regulatory concerns over the Dahej facility. The plant has received serious observations from the USFDA, which can potentially lead to an OAI/ warning letter soon. However, the fall in the stock price is unjustified in our view, as Dahej contributes only ~10% to US revenues and pending filings are limited. Downgrade CDH to NEU: The USFDA inspected CDHs key formulations plant at Moraiya, in Apr-19, and issued 14 observations post audit. Our analysis of the form 483 suggests that the risk-reward is not in favor of CDH