CLSA ON BHARTI AIRTEL
@darshanetnow
Maintain High Conviction Buy, Target `480
Strong traction in India mobile data with India Ebitda up 16% YoY
De-growth in Africa operations with 12% fall in revenues
See consol EBITDA CAGR of 16% over FY15 - 18 on Indian ops
Maintain Bharti is the best play on India mobile data boom

CLSA ON UNITED SPIRITS
@darshanetnow
Maintain Buy, Target `4150
Management unveiled five strategic priorities at analyst meet
Management guides for mid-to-high teen EBITDA margins only by FY21
Inititiatives: Portfolio revamp, Focussed A&P spends, Cost optimisation
Efforts appear  conservative in the context of past peaks, portfolio premiumisation
Margin visibility is also low given issues on price hikes 

MACQUARIE ON GODREJ PROPERTIES
@darshanetnow
Maintain Outperform, Target `318
Strong presales driven by new launches with strong pipeline
Execution remains strong as company completed 1.72msf in 1Q
Sale of commercial assets will aid net debt of the company
Cut FY16-17 EPS by 3 - 5%

BARCLAYS ON BRITANNIA
@darshanetnow
Raise target to `2952 from `2733, Maintain Equal Weight
Results reaffirmed our confidence in the strong business fundamentals
See the expansion of the premium brands as a positive
Rerating and premium valuation justified by turned-around fundamentals

BOFA ML ON UTILITIES
@darshanetnow
Reinstate NHPC at Underperform, Target `18.3
Reinstate NTPC at Underperform, Target `117
Reinstate Power Grid at Underperform, Target `127
Reinstate Tata Power at Underperform, Target `60
Valuations seem attractive with structural drivers intact but see value trap
Irrational bids for captive mines adds to existing woes
Headwinds for PGCIL despite robust transmission sector capex

CS ON TARO
@darshanetnow
Cut target to $185 from $190, Maintain Outperform
Taro has started gaining market share in Clobetasol
Benefit of recent price increases to be visible from 2Q16
Expect a weak quarter but trend should improve from 2Q16

MS ON HEXAWARE
@darshanetnow
Strong revenue growth offset by weak margins amid investments
Revenue growth was strong and came from mining of top accounts
Strategy and efforts in mining its top clients appear to be paying off
Weaker than expected margins reflect investments in building bench for thefuture

MS ON HERO MOTO
@darshanetnow
Downgrade to Equal Weight from Overweight, Target cut to `2741 from `2855
Next two wheeler up-cycle will be driven by urban demand
Rural linked plays like HMCL will lag industry growth
Margin expansion story is behind us now
Cut estimates on lower volume assumptions on stock
Cut FY16 EPS by 3%. FY17 EPS by 8%