CLSA ON L&T

Raise target to `2275 from `2100, Maintain Buy
Profitable hi-tech defence businesses to explode
Defence, Nuclear and Aerospace orders are set to multiply 4-5x by FY18
Earnings to go back to growth mode from FY16
Expect a pickup in EPS growth to 26% to support valuations

CLSA ON TITAN

Maintain High conviction Sell, Target 315
Future looks equally grim with decade low return ratios
Regulatory headwinds like capping of Golden Harvest, PAN disclosure
Organised jewellery landscape rapidly changing

CREDIT SUISSE ON MARUTI

Raise target to `5100 from `4370, Maintain Outperform
Higher volumes should continue to drive upgrades
7th Pay Commission should be a big trigger for 4-wheeler demand
Increase our domestic volume growth estimate for FY17 from 17% to 23%
FY17 estimates are now ~20% higher than consensus
Increase in FII limit could be another trigger for MSCI inclusion

BOFA ML ON SBI

Cut target to `375 from `400, Maintain Buy
Well positioned to capitalize on the macro uptick
Worst appears behind in terms of aset quality
Cut target on higher credit costs due to NPL ageing, slower loan growth

CITI ON HINDALCO

Cut target to `125 from `165, Maintain Buy
Cut consol EBITDA by 8-11% for FY16-17
Cut EBITDA on lower realizations for India, higher coal costs
Most of the negative newsflow is largely in the price

NOMURA ON BHARTI INFRATEL

Upgrade to Buy from Neutral
Raise target to `480 from `350
Structural appeal and market positioning remain strong

Management indicates scope for M&A in India / Bangladesh