Valuation Upgrade to Buy with a PT of Rs. 3,650: We have revised our estimates upward for FY2021E/FY2022E, factoring in strong beat in operating margin, continued growth momentum in Jeevansathi business, and gradual recovery in billings in IT and telecom segments. We continue to believe that leadership position in its core businesses along with improving valuation in certain investee companies (Zomato and PolicyBazaar) bodes well for the company. Further, we expect revenue and margin to improve sharply in FY2022E because of the company's cost-control measures and resumption of economic activity. We prefer...