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Havells India Ltd (HAVL) is a leading player in electrical consumer goods in India. Its key verticals include switchgears, cables & wires, lighting fixtures and consumer appliances....

Persistent Systems (PSYS) reported a surprisingly strong set of numbers, with Q1 dollar revenue growth at 3.1% QoQ.

Nippon Life Asset Management (NAM) reported a Rs 250bn sequential increase in Q1FY21 AUM, largely due to the MTM effect.

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

HAVL's management remains cautious on the sustainability of the demand trends witnessed in May and June given localized lockdowns adversely impacting business operations. HAVL's consumer portfolio has bounced back faster, however, road to recovery in the B2B portfolio (30% of sales), comprising of industrial cables, switchgears, professional luminaire is likely...

JSW Steel (JSTL) posted Q1FY21 standalone EBITDA below our expectation by 14% due to lower than expected margins. While, miss on consolidated EBITDA restricted to 6% due to lower than estimated losses in overseas operations and better earnings in domestic subsidiaries. Stock rallied by ~30% in last three months on the back of strong pent-up demand in China and rise in steel prices. We had seen similar trends in earlier...

Recovery was witnessed across all segments in June. Overall revenueswerehigherby4%yoyinJuneledby12%increasein B2Cbusiness.B2BbusinessremainedmutedinJunecompared...

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'.

MPHL: Strong deal wins; DXC remains soft. ICICIBC: Prudent provisions reassuring

R&D; investment dips to 10% of revenue since peak of 13.5% in FY17 Investments in R&D; was largely flattish in FY20 to Rs15.5bn, that is 10% of sales down from 11% in FY19 as part of cost optimization program. We highlight major products/pipeline spend of R&D;: Lupin received approval for Nepexto (biosimilar Enbrel) in Europe...