Antique backs Radico, United Spirits, Allied Blenders on Tamil Nadu reforms; cautious on Persistent
Antique reiterates 'Buy' on Radico Khaitan (TP Rs 4,500, ~17% upside), United Spirits (Rs 1,791, ~17%) and Allied Blenders (Rs 788, ~16%), citing TASMAC distribution reforms favoring national brands. TN drives 64.7M IMFL cases (~16% of India volumes). Astral demerger backed; Persistent flagged cautious post-Nagarro deal.
Antique reiterates 'Buy' on liquor makers Radico Khaitan, United Spirits and Allied Blenders, expecting Tamil Nadu's TASMAC distribution reforms to benefit national brands. It also backs Astral's demerger but stays cautious on Persistent Systems post-Nagarro deal.