Outlook and Valuation: We upgrade our revenue estimates for FY21E / FY22E by 10% / 10.1% to Rs. 66.3 Bn / Rs. 79.7 Bn due to upgrade in Customs Synthesis, Generics business and Nutraceuticals.

Outlook & Valuation: We downgrade our revenue estimates by 1% for FY21E to Rs. 168 Bn on account of downgrade in India and other key markets while we upgrade by 0.4% to Rs. 187 Bn on account of upgrade in key markets.

Outlook and Valuation: We continue to bank on Relaxo in the medium to long term as the best placed stock in the space on account of a good rural and urban mix and excellent track record of the management, coupled with good financial stability.

Outlook & Valuation: We reduce our Revenues for FY21E/FY22E by 1.4%/1.5% in FY21E/FY22E due to downgrade in domestic formulations and Consumer Wellness.

Valuation and Outlook: We have valued the stock based on 3.2x forward P/EV and 36.3x forward P/VNB with a premium of 1.02x and has arrived at a price target of Rs. 988 with a potentialupside of 13%. We rate the stock as HOLD'.

Rates Left Unchaged, One-time Debt Recast Announced: RBI's monetary policy committee has left all policy rates unchanged on expected lines while retaining the accommodative stance.

Valuation and Risks: Since its listing in Nov 2016, VBL has historically traded consistently within its avg1 year forward PE of 47x. Given the pandemic and economic downturn, we factor in the risk regarding longevity of the economic troubles and value the stock at a discount of ~ 10% (40x) from its 1 year forward PE since listing on CY21E EPS of Rs. 20.8 and recommend BUY'.

Outlook & Valuation: We downgrade our revenues by 4%/2% to Rs 348 Bn/Rs 385Bn for FY21E/FY22E on account of downgrade in Domestic formulations, US/Taro and other businesses.

Key Pointers: yyOn a year-on-year (y-o-y) basis, non-food bank credit growth at 6.7 per cent in June 2020 was nearly the same as in May 2020 but lower than the growth of 11.1 per cent in June 2019. This was due to subdued economic activity because of mini lockdowns and risk aversion at banks.

Indian auto companies have exhibited a sustained trend of reporting month-on-month improvement in volumes.

Outlook & Valuation: We downgrade our revenue estimates for FY21E / FY22E by 4.6% / 4.6% to Rs. 32.9 Bn / Rs. 36.3 Bn for FY21E / FY22E. We downgrade our EBITDA margins for FY21E / FY22E by 50 bps to 20.6%/21.9% due to fixed nature of personal cost.

Valuation and Outlook: We have valued the stock based on 4.9x forward P/EV with a discount of 0.8x and 56.7x forward P/VNB and has arrived at a price target of Rs. 695 with potentialupside of 9%. We rate the stock as HOLD'.

Valuation and Risks: We believe Covid disruptions have put a dampening deny on the fortunes of KPR in the medium term.

Valuation and Outlook: We have valued the stock based on 2.7x forward P/EV on discount of 0.67x and 43.1x forward P/VNB and has arrived at a price target of Rs.442 with potentialupside of 0.5%. We rate the stock as SELL'.

Valuation and Risks: We upgrade our revenues by 3.2% / 3.3% for FY21E/FY22E at Rs 52 bn / Rs 56 bn respectively due to upgrade in US, ROW and API business.

Valuation and Outlook: Valuation for the firm is done by SOTP on target of Rs. 3878 for BAF at 1 yearforward P/BV of 5.7x, Rs. 38 6 for BAGIC, and Rs. 175 for BALIC with consideration of holding company discount with 20% to reach Bajaj Finserv equity target price at Rs.8722 with upside potential of 37%. We rate the stock as BUY'.

Valuation and Outlook: We have valued the stock based at 7.78x 1-yr forward P/BV mean and has arrived at a price target of Rs. 1487 with a potential upside of 15% and we rate it HOLD.

Valuation and Risks: The nature of products across the textile industry being very personal discretionaryspends, we factor in a significant dip in the P&L; for the fiscal.

Domestic Formulations A Mixed Bag: The domestic formulations industry grew by 9.7% during the quarter and 9.8% for the year. The last 15-20 days of the March quarter were an issue due to COVID-19 and lockdown. Digital marketing, video calling had replaced the traditional mode of personalvisits and marketing.

Will Common Carrier Norms Hurt the CGD Ecosystem? PNGRB has come up with common carrier regulations for CGD companies to increase gas penetration by creating a level playing field for new domestic gas CGD companies, and encourage competition to protect consumer interests.