We have fine-tuned our estimates for FY2021E and FY2022E and introduce FY2023E estimates in this note. We maintain our Buy rating on the stock with a PT of Rs. 345. Nippon Life India Asset Management's (NAM's) Q2FY2021 results were encouraging. Operational numbers came above expectations, helped by cost control because of marginal increase in Assets Under Management (AUMs). The AUM decline trend seen in Q1 was arrested and AUM at Rs. 2,76,774 crore saw a marginal increase on q-o-q basis, which is encouraging. Quarterly average AUM came in at Rs. 2,00,030 crore,...