Mar'15: As auto sales end the year on a sedate note, growth in FY16E to be driven by government's policy initiatives Slower capacity growth offset by lower interest rates; Sell First to Market Autos Valuation Comp Sheet Key Trades and Risks：Emerging Markets Equity Strategy Biotechnology：Highlights from The Annual JPM Biotech Napa Forum Expecting coal price weakness to extend until YE16 More upside potential in place Strategic long-term growth undermined by rich valuation; Sell India Steel - Non tariff barriers being expanded; Coal Post auction blues; Zinc prices move up sharply