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MMFS is well-placed to benefit from rural recovery driven by an improvement in higher farm related cash flows and an increase in government spending. Navin Fluorine : Buy| Target: Rs 900| LTP: Rs 653| Return 37% Globally, fluorine has become a leading choice to carry active ingredients in pharma and agrochemical applications, leading to rising interest in fluorine research. Navin Fluorine (NFIL) boasts of five decades of expertise in fluorination and has a presence across the chain. Globally, there are only a handful of high-pressure fluorine-based production facilities and therefore, places NFIL in a unique position across the fluorine chain. NFIL has entered into a JV with Piramal which will touch peak utilization in FY19 to give Rs 13 bn topline. Additionally, NFIL is investing in a new CRAMS facility with an investment of INR 1.1bn which will likely be commissioned by June 2019 and this provides visibility for continued growth. Oberoi Realty : Buy| Target: Rs 550| LTP: Rs 489| Return 12% Oberoi Realty has been reporting mixed operational results, with Goregaon/Borivali projects seeing steady demand, but Mulund project sales remaining muted after the launch. Entry in the Thane micro-market should be monitored as Oberoi enters a new regulatory jurisdiction with sales potential of 8-10msf. JM Financial believes further business development activity would drive the upside from current levels as the company prepares to scale-up its operations with access to low-cost funds and a strong balance sheet. Sobha : Buy| Target Rs 600| LTP: Rs 484| Return 24% Sobha’s operations have seen a material uptick as it consolidates its position in the Bangalore market and on increasing demand in Gurgaon and Kochi.

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