Medicines sales in India stood at ₹12,078 crore in January.Sun Pharmaceuticals posted a growth of 10.3%

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Tata Steel Q3 Review
Kotak Inst Eqt-Buy, TP Rs 560
Miss On Adj Earnings, Led By Rs 100 Cr EBITDA Loss At Europe
Domestic Margin Should Recover From Q4 Due To Surge In Prices
Cost Reduction Initiatives In Europe Taking Longer
Cut EBITDA Est By 14%/8% For FY20/21

CITI on Tata Steel
Buy, TP Rs 550
Believe Worst Is Behind; Though Recovery In Europe May Not Be Immediate
Stock May Be Volatile Pending Visibility On Duration Of Disruption In China
Cut FY20 EBITDA Est By 17%

UPL Q3 Review
MS-OW, TP Rs 654
UPL continues to gain share in tough macro conditions. While rev growth from high-margin geographies was weak in Q3, & Q4 debt reduction guidance appears tough, see strong 13% EBITDA growth in F21-22
Val compelling vs. global peers

Kotak Instl Eq has Reduce call on ACC despite valuations being cheap. It says company lacks upside triggers

Kotak on United Breweries

Maintains ADD with target of 1430 from 1400

Mix improvement, price hike aids profitablity

Sharp volume decline in Andhra Pradesh continues

Cut FY21-22 EPS by 12-13%

HSBC reiterates Buy call on Dalmia Bharat as it expects growth to remain intact with East expansion & Murli acquisition

CLSA has a Buy call on Aurobindo Pharma with target being raised to Rs 670/Sh

Focus Heidelberg 》》



Cmp 212.30


Trend bullish



Sup 209