Ceat rating – Neutral: Q3 results were ahead of estimates
55/36/29% rise in EPS for FY21-23e; TP up to Rs 1,491; upgraded to ‘Neutral’ rating
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Alembic Pharma rating – Hold: India sales bright spot of Q3FY21
Execution key for India and US sales; FY21-22e EPS up 3%; valuations factor in prospects; ‘Hold’ retained
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