Introducing a new rating system Through this report we are also introducing a new rating system wherein we moving our covered stocks to a new 4 point rating scale of Buy, Add, Reduce, Sell vs. the older 3 point rating scale of Buy, Hold, Sell to better reflect relative stock picking and conviction across coverage universe Worst of domestic economic woes are behind. However economic healing is likely to be protracted and FY21e growth of 6% will still be lower vs. potential growth. Govt & RBI are likely to maintain accommodative stance but headroom for counter cyclical measures is smaller now. While overall market valuations are still above long term averages, we believe investors should position their portfolios in favor of GARP, turnaround and select value plays instead of hiding in very expensive quality names.