CLSA ON TATA MOTORS 
Maintan High conviction Buy, Target `600
Stock is pricing in an extremely pessimistic scenario

Analysis suggests pricing in of -10% volume CAGR for JLR China for FY15-17
JLR has multiple buffers in China for better volume, pricing
Strong returns even if we assume more conservative China scenarios

CLSA ON ACC 
Maintain Buy, Target `1900
2Q results much below estimates on weak demand, competition 
Unit Ebitda down to `450/t but expect better days ahead
Cut CY15-17 estimates by 10-16% but believe sector's worst is over
Synergy gains from AC-Ambuja-Lafarge integration would be an upside

CS ON ACC 
Maintain Neutral, Target `1500
Volumes stay weaker than peers while high cost trend continues
20% exposure to South where volumes declined in double digits
Cost trend still do not fully reflect restarted Jharkhand mines
Lower volume growth than peers; higher exposure to linkage coal could increase cost

BOFA ML ON EXIDE 
Cut target to `168 from `206, Maintain Neutral
Margin recovery not too exciting
Weaker inverter battery demand to restrain growth
Cut FY16 EPS by 8% and FY17 EPS by 15%
See limited upside potential on the stock

MS ON PNB 
Cut target to `100 from `105, Maintain Underweight
Elevated credit costs will likely keep re-rating at bay
Reverting to historical high profitability would be very difficult
F16e P/B of 0.65x F16e is not cheap, given weak balance sheet
High stressed exposures keeps co vulnerable to weaker than expected recover

BOFA ML ON OIL & GAS 
OMCs' rerating to continue on "lower for longer" oil prices
Expect earnings upgrade cycle to sustain; PE rerating likely
FY15 core profit up 63% YoY, FY17 profit likely highest ever
Raise HPCL target to `1125 from `704
Raise BPCL target to `1186 from `926
Raise IOC target to `558 from `498