* Maintains Buy; target of ₹3,300
* 70% of portfolio has been restaged in past 2 years
* Increasing share of own-manufacturing - +ve for efficiency, derisking,innovation
* Encouraged to see execution of cost control, waste mgmt
* Believe it will continue to outperform industry; innovation should buoy growth
CS ON HDFC BANK
* Maintains Outperform; target of ₹1,470
* Mgmt believes bank will continue to be dominant player in payments space
* Through its 10-second personal loan, personal loan portfolio has grown 40%
* 40% of applications received digitally & 85% of approvals are within 10 mins
* Believe digitally nimble banks will grab large share of $600 bn opportunity
* HDFC Bank top pick to capture that opportunity; a CS AxJ Focus List stock
UBS ON LUPIN
* Believe stock price factoring risk of rise in Fortamet, Glumetza competition
* Already assume Fortamet to get competitive with 1-2 more players
* Gavis volumes should grow materially H2 onwards with facility expansion
* Continue to see reasonable contribution from Glumetza and Fortamet in H2FY17
CS ON AURO PHARMA
* Soft Q1 but expect strong FY17 with product launches accelerating
* Story on Aurobindo is monetisation of large US pipeline of 154 ANDAs
* Q1 was soft due to higher competition in key products like Abilify & Raloxifene
* Negative in Q1 was sharp increase in working capital
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