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Reliance Industries – BUY, CMP – Rs 1,937.6

* Reliance industries is one of India’s largest conglomerates engaged in energy, petrochemicals, retail and digital services.

* We have incorporated revenue and EBITDA growth of 8.8% and 15.2% CAGR over FY20-25 in the O&G segment in our estimates.

* At CMP of Rs 1937.6, the stock is trading at P/E of 31x on TTM basis

HUL – BUY, CMP – Rs 2,351.9

* HUL is the leading player in FMCG industry having portfolio of 44 brands

* In Q2FY21, HUL reported a healthy set of numbers with 16.1% sales growth aided by consolidation of acquired brands (Horlicks, Boost, VWASH)

* AT CMP of Rs 2,351.9, the stock is trading at P/E of 54.8x on FY23E basis.

Biocon Ltd – BUY, CMP – Rs 456.75

* Biocon posted stable growth at 11% Y-o-Y in 2QFY21, mainly driven by strong growth in biosimilars and generic segment

* Management remains confident of achieving US$ 1 billion for biosimilars BY FY22

* At CMP of Rs 456.75, the stock is trading at P/E of 18.5x on FY23E basis

ITC – BUY, CMP – Rs 217.9

* The tobacco business is expected to regain normalcy by Q4. FMCG business is expected to deliver strong performance on the back of new launches and robust distribution channels.

* Hotels business is also expected to make progress as the economy gradually recovers further leading to an increase in business and leisure travel.

* At CMP of Rs 217.9, the stock is trading at P/E of 19.5 on TTM basis.

Larsen & Toubro – BUY, CMP – Rs 1354.6

* We expect Larsen & Toubro has received several high profile orders recently and with the economy opening up the pace of execution is expected to be faster.

* Larsen & Toubro is one of India’s largest engineering and construction companies, it is expected to benefit from expected rise in infrastructure spending by the government.

* At CMP of Rs 1354.6, the stock is trading a P/E of 16.7 on TTM basis

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