situation well, largely due to a high share of bank/NHB borrowings and less dependence on market borrowings. Its spreads have been largely intact, adjusting for the impact of the income reversal. However, the ground situation in TN is still bleak management is still guiding for only 9-10% YoY growth in TN. We largely maintain our estimates. Maintain Buy with TP of INR500 (1.5x...