Indoco Remedies' (INDR) reported another muted quarter in a regulated market performance; management expects to recover in coming quarters given strong order book and new launches. Domestic market continued to witnessed growth on low base in therapies like anti-infective, GI, VMN and Opthal. We remain structurally positive on INDR on account of 1) MR productivity enhancement and higher penetration in North and East markets 2) new launches in US and 3) higher tender business in EU market. This will...