CLSA ON ACC : Maintains Buy, target of ₹1,900
CLSA ON ACC : In-line EBITDA but another miss at net earnings level
CLSA ON ACC : Cut CY15-17 EPS by 5-7% but believe worst over for the sector
CLSA ON ACC : Inferior cost base would ensure strong margin recovery ahead
CLSA ON ACC : Synergy gains from ACC-Ambuja-Lafarge integration is a potential upside

GS ON FEDERAL BANK : Maintains Buy, cuts target price by 4.9% to ₹78
GS ON FEDERAL BANK : Below expectations on muted topline due to NPLs and higher opex
GS ON FEDERAL BANK : Cuts FY16-18 earnings by 7-16% on lower loan growth and higher credit costs

CREDIT SUISSE ON ACC : Maintains Neutral, target of ₹1,500
CREDIT SUISSE ON ACC : Strong EBITDA beat with higher ASP and lower cost
CREDIT SUISSE ON ACC : ACC's volume growth weaker than industry and peers

CREDIT SUISSE ON L&T : Downgrades to Neutral from Outperform, target of ₹1,775 from ₹2,000
CREDIT SUISSE ON L&T : Inflow challenges can persist in of FY16, FY17 as well
CREDIT SUISSE ON L&T : Substantial slowdown in the Middle East and real estate market
CREDIT SUISSE ON L&T : Delay in pick-up of metals/hydrocarbons seen on low crude
CREDIT SUISSE ON L&T : Build in a 10% decline in inflows in FY16 vs flat assumption earlier

CS ON BAJAJ FINANCE : Maintains Neutral, raise target to ₹5,000 from ₹4,800
CS ON BAJAJ FINANCE : Strong growth continues, but valuations are rich
CS ON BAJAJ FINANCE : Company continues to take a relatively cautious approach on LAP
CS ON BAJAJ FINANCE : EPS for FY16-18 goes up by 4-5% to factor in stronger growth momentum

JPMORGAN: HERO MOTO : Maintains underweight, target of ₹2,345
JPMORGAN: HERO MOTO : EBITDA margin surprises while other income declines
JPMORGAN: HERO MOTO : Demand environment remains challenging due to the deficient monsoons
JPMORGAN: HERO MOTO : Hero is ceding market share to competition and scooters

MS ON HERO MOTO : Margins came in at 15.8% but expect them to trend down in H2
MS ON HERO MOTO : Expect that Q2 will be the best quarter of FY16 which is now behind us
MS ON HERO MOTO : See flat volume growth and a 14.6% EBITDA margin in FY16

BofA ML: FEDERAL BK : Maintains Underperform, cuts target to ₹54 from ₹60
BofA ML: FEDERAL BK : Remains weak operationally with disappointing asset quality
BofA ML: FEDERAL BK : Cut EPS estimates by 22% for FY16 and 18% for FY17
BofA ML: FEDERAL BK : Remain concerned with corporate and SME book

NOMURA ON DHFL : Maintains Buy, target of ₹263
NOMURA ON DHFL : Opex ratios started showing some improvement
NOMURA ON DHFL : Fee income improved but was negated by higher standard asset provisioning
NOMURA ON DHFL : Remains one of the cheapest HFCs operating