View: Upgraded to Buy with a revised PT of Rs. 1,520: We have reduced our earnings estimates for FY2021 and FY2022 by 10% and 6%, respectively, to factor in the impact of supply disruption due to the lockdown. With the acquisition of Heinz product portfolio, ZWL has a strong portfolio of brands, which it can leverage upon to improve its market share through new launches supported by enhancing distribution reach. Further, strong cash flows along with relatively stable balance sheet provide support to overall growth prospects. The stock has corrected by 17% in the past five months and is currently trading at 38.5x its FY2022E earnings,...