EUR 120.00 For Business Accounts Only

MOSL: Morning India (1/November/21): 1. Dr Reddy's Labs (Emerging markets/DF drive earnings; Upgrade to Buy); 2. I O C; 3. Shree Cement; 4. B P C L; 5. GAIL (India); 6. UPL; 7. Cadila Healthcare

Morning India (1/November/21): Morning India (1/November/21): 
Today’s top research ideaDr Reddy's Labs: Emerging markets/DF drive earnings; Upgrade to Buy- Dr. Reddy's Labs' (DRRD) 2QFY22 performance was driven by a strong show in Russia, RoW, Domestic Formulations, and license fee for Elyxyb. US sales remained steady despite price erosion.- We raise our EPS estimates by 4%/3% for FY22/23E to factor in a) faster growth in the Emerging Markets (EM), b) ramp-up in g-Vascepa, c) better prospects from China.- We value DRRD's base business EPS of INR210 at 12M forward P/E multiple of 25x and add INR210 per share of NPV from g-Revlimid to arrive at a price target of INR5,470.- We UPGRADE DRRD TO BUY based on a) limited competition products pipeline for the US market, b) superior execution in DF and other EMs, c) cost control-driven improvement in operating leverage, d) and the stock's attractive valuation.
Piping hot newsFPIs turn net sellers in Oct; pull out Rs 12,278 crAfter two months of buying, foreign portfolio investors (FPIs) have turned net sellers in October by pulling out Rs 12,278 crore from Indian markets. As per depositories data, FPIs took out Rs 13,550 crore from equities but invested Rs 1,272 crore in the debt segment during October 1-29. The total net outflow stood at Rs 12,278 crore during the period under review.