A changing business model - BATA in the process of re inventing itself: BATA over the last few years has focused on higher value products and re-inventing itself to cater to the younger and urban population with the aggressive addition of stores and the introduction of red collection and increased focus on women footwear.

High Valuations Despite Increased Rural Demand and Market Share Gain Possibilities: Footfalls continue to be low as the textile industry continues to witness selectivespecific purchases based on needs in the current economic scenario.

On the technical front, APOLLOHOSP has been making higher highs and higher lows on the daily charts and is currently placed above the medium-term EMAs in the daily frame. In the recent past, after clocking a low of 1986 levels, the stock has witnessed a bounce and rallied to the current levels. At the current juncture, the stock has formed a base of around 1985 levels on the lower side and is all set to move higher.

Realization and Cost Savings Helped Drive Growth: Volumes continue to be robust in rural and semi urban India, which helped sustain overall volume dip to only 4percent despite significantly lower on the go consumption.

Credit Tracker - Stabilises at Low Levels: Credit offtake in the economy continues to remain subdued despite availability of ample liquidity with banks.

Gross Margins - A Positive Surprise: Revenue for Q2FY21 was 7.4percent lower on YoY basis but EBITDA was up significantly,at 21.2percent on account of higher gross margins and good cost control measures.Gross margins were higher by 505 bps on account of lower inventory, tradedgoods and commodity prices.

October Auto Volumes - Growth Picks up Due to Festive Demand: Auto companies continue to push ahead with robust growth in wholesale sales volumesin passenger vehicles (PVs) and two-wheelers (2W) in the month of October 2020 as growth picks up due to festive demand.

Focus is on Building Provision Buffers:Indusind Bank (IIB) reported slightly subdued set of numbers. NII growth at 13percent was below normal run rate due to lower advances growth and fall in NIM.

Volumes Surprise Positively: Yarn, Fabric and garment volumes surprised positively.

Valuation and Risks: We believe KMB is ready to grow as it has shifted its focus to asset side withemphasis on customer acquisition through organic or inorganic route by keepingan eye on risk.

Outlook and Valuation: HDFCB continued to report steady and in-line performance amid challenging environment.

Valuation and Risks: Despite concerns over near-term asset quality risks and impact of high credit costs on earnings, we believe all negatives and concerns are adequately priced incurrently as the stock is trading at historically low valuations.

September Auto Volumes - Festive Cheer Creeps in: Auto companies continue to push ahead with robust growth in sales volumes in passenger vehicles (PVs) and two-wheelers (2W) ahead of festive season.

Credit Growth - Subdued Pace Continues: Credit off take in the economy continues to remain subdued despite availability of ample liquidity with banks.

Outlook and Valuation: We expect the valuations to continue to be at a premium the segment, size andthe market share of the company.

Valuation and Risks: Good brand recognition, market share and being amongst the very few companiesin the listed space in footwear, the company would continue to hold premiumvaluations.

Outlook and Valuation: Currently the stock is trading at very stretched valuations and way beyond fundamentals as the markets are pricing in qualitative factors like solid fundamentals, strong competitive moat, value unlock potential in some of the investments, which will take some time to reflect in the numbers.

RBI on August 6 announced one-time debt recast dispensation for banks and NBFCsfor corporate and personal loans to deal with the covid-induced stress.

Valuation and Risks: We favor HDFC Bank for its resilient asset quality, consistent performance acrosscycles, best-in-class cost-efficiency ratios and high capital base. We re-initiate coverage on HDFC Bank with BUY rating based on SOTP valuation of Rs. 1323, upside of 18%.

Credit growth continues to remain subdued despite availability of ample liquidity with banks.