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Aarti In­dus­tries

A lead­ing man­u­fac­turer of spe­cialty chem­i­cals and phar­ma­ceu­ti­cals with a global foot­print. Strong growth prospects over FY2018-21E with ex­pan­sion in prod­uct port­fo­lio. Large or­der worth Rs 4,000 crore from two global clients en­hances new or­der vis­i­bil­ity.

Divi’s Lab­o­ra­to­ries

De­pre­ci­at­ing ru­pee, ca­pac­ity ex­pan­sion, and op­er­a­tional ef­fi­cien­cies to drive growth in dou­ble digit. No pend­ing reg­u­la­tory risk, high val­u­a­tion re-rat­ing chances due to bet­ter than ex­pected growth.


De­merger of branded re­tail and en­gi­neer­ing busi­nesses will un­lock value for in­vestors. Val­u­a­tion at­trac­tive post-cor­rec­tion with trig­gers for re-rat­ing through value un­lock­ing.


Step up in in­vest­ments in build­ing dig­i­tal com­pe­ten­cies would help In­fosys in driv­ing earn­ings mo­men­tum.

In­dusInd Bank

Con­sis­tent per­former in busi­ness growth, prof­itabil­ity and as­set qual­ity over sev­eral years. Merger with Bharat Fi­nan­cial will be value ac­cre­tive for bank. Well-cap­i­talised, strong man­age­ment to lead mar­ket share gain.

Re­liance In­dus­tries

Ramp-up of the down­stream projects would drive mar­gins and earn­ings for the core busi­nesses of re­fin­ing and petro­chem­i­cal. Rev­enue mar­ket share gain in tele­com to im­prove JIO fi­nan­cials; re­tail busi­ness to wit­ness high dou­ble digit earn­ings growth.

Larsen & Toubro

Fo­cus on prof­itable growth and in­creased ROE. Has started the year with strong or­der in­flow

L&T In­fotech

Sixth largest IT ser­vices com­pany in In­dia; among the top-20 IT ser­vice providers glob­ally. LTI’s pru­dent strate­gies have ben­e­fited it in gain­ing mar­ket share in large ac­counts and new logo wins. Fo­cus on large deal wins and deep­en­ing re­la­tion­ships with top clients would help LTI to reap rich div­i­dends.

Sun­daram Fas­ten­ers

In­tro­duc­tion of tech­no­log­i­cally ad­vanced prod­ucts will sus­tain trend of out­pac­ing do­mes­tic in­dus­try. En­try into new mar­kets and in­creas­ing share of busi­ness in ex­ist­ing over­seas mar­kets to fuel ex­port growth.

Bri­tan­nia In­dus­tries

In­no­va­tion, dis­tri­bu­tion en­hance­ment and op­er­at­ing ef­fi­cien­cies to drive dou­ble-digit earn­ings growth. In­crease in scale of ad­ja­cent cat­e­gories and in­ter­na­tional busi­ness will add flavour to the earn­ings in the long run.

Ju­biliant FoodWorks

Largest QSR play with 1100+ out­lets in In­dia. Shift in fo­cus to con­sumer from store ad­di­tion would drive or­der back­log giv­ing vis­i­bil­ity over two years.


With NPA cy­cle peak­ing and lesser com­ple­tion from PSU banks and NBFCs, ICICI Bank has op­por­tu­nity to gain mar­ket share. The large re­tail base will help growth, prof­itabil­ity as in­ter­est rates rise.

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