Kotak India Daily: Change in Reco - Glenmark Pharmaceuticals; Updates - Automobiles, Industrials

Glenmark Pharmaceuticals: US launches and cash generation remain key triggers; upgrade to ADD from REDUCE

l Stock turns attractive on a relative basis l US generics - dermatology launches hold the key l US Dollar-denominated debt appears manageable

Sector alerts

Automobiles: Sluggish sales signify weak start to the festive season

l Hero Motocorp performs better than peers l Maruti Suzuki volumes in line with estimates l M&M UV volumes continue to post steep decline l Tata Motors standalone business remains under pressure l Key themes to play in the sector

Industrials: Land acquisition bill - clarity in process; industry to fend for itself

l Key highlights - markedly different form old law in terms of scope, consent, price, rehabilitation l Parliamentary standing committee (broader political opinion) had stricter suggestions l State Governments have a strong leeway in setting price, thresholds for R&R in private acquisition l Defined process is a positive; industry has to fend for itself

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