ICHNOS Sciences fund raising to get further delayed. We reduce our earnings estimate by 1% for FY22/23E as we lower our growth projections for semi-regulated market. 3QFY21 earnings were in-line with our estimates led by growth in India formulations and cost rationalization. GNP is our top sell idea given 1) US derma portfolio (35% of US revenue) would lag growth due to competition 2) has thin US product pipeline with only 47 pending ANDAs plus guidance of 8-10 new launches in FY21E, 3) 60-65% of...