Gradual recovery in demand is expected going forward. At current level, the stock looks attractive and hence we upgrade our rating to a BUY with a roll forward target price of Rs. 353 based on 35.0x FY22E adj. EPS. Sales volumes decline; Margins improve Q3FY20 revenue declined 2.0% YoY to Rs. 1,824cr due to lower domestic sales volumes amid continued slowdown in consumption. Domestic business posted sales decline of 4.8% YoY to Rs. 1,380cr, while International business continued to grow at Rs. 444cr (+7.9% YoY). On constant currency basis, Bangladesh business grew 15.0%...