While complete business normalisation in the healthcare segment is expected to be more pronounced from H1CY21 onwards, Apollo's management has already charted a way to reduce costs in the short-term. On the other hand, structural cost saving initiatives are also under way to reduce costs by 12-15% in the long-term. We remain positive on the company as besides strong healthcare pedigree and asset base the company owns one of the best pharmacy models in the world that provides an overall cushion in difficult times. We upgrade from HOLD to BUY at a...