Based on the recent developments, we have made multiple changes to our Top Picks recommendations. This includes the removal of Cholamandalam Investment, Trent, and Indian Hotels, and the addition of Shriram Finance (reasonable valuation after the recent correction), Avenue Supermarts (Expectation of healthier recovery in Value Retail in the second half), and Colgate (Valuation comfort play in FMCG). Our modifications reflect the changing market style and a slight shift towards consumption and domestically oriented play
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