CLSA ON ZEE ENT

Raise target to `459 from `441, Maintain Buy
25%+ advertising growth key positive surprise
New channels, network performance help beat industry ad growth
High revenue and earnings visibility make Zee our top media pick

CLSA ON HCL TECH

Maintain Buy, Target `1150
Engineering emerging as a new structural growth driver
CEO is shifting focus to revenue and margin growth
Faster revenue expansion will lead a 16% FY15-18 earnings CAGR
Target implies 20% upside making it the sector's value buy

CREDIT SUISSE ON CADILA HEALTH

Raise target to `1800 from `1600, Maintain Neutral
FY15 annual report shows Cadila has formed a new subsidiary in Dubai
Expect tax rate to reduce to 15% with new structure from existing 18%
Annual Report shows improving performance at Nesher and Biochem
Lower interest cost driven by refinancing of high cost debt
JV margins continue to decline and now only 7% of profit

CREDIT SUISSE ON ZEE ENT

Raise target to `440 from `400, Maintain Outperform
Strong ad growth drives surprise with share gains in regional markets
Subscription revenues to show steady growth before phase-3
See a strong 20% CAGR in earnings from FY17 onwards
Increase FY17 estimates by 4% on slightly higher margin estimates

CITI ON FORTIS HEALTH

Raise target to `235 from `180, Maintain Buy
Execution remains strong, Valuation overhangs falling away
Focus on profitable growth has started paying off
Revised revenues lower & built in higher margins; upgrade FY17 EPS by 46%