FWD: ET NOW BROKERAGE

CLSA ON RIL
@darshanetnow
Maintain Buy, Target `1230
A 9% beat on 2Q PAT as GRM rises to seven-year high
Catalysts: Jio, ecommerce ventures, commissioning of petcoke projects
Raise FY16/17 EPS by 6/3% building in strong Q2, higher GRMs
Stock may already be building in a $15bn negative value for telecom

BOFA ML ON RIL
@darshanetnow
Maintain Neutral, Target `1068
Refining surprises positively while petrochemicals was in line
Strong downstream outlook with E&P likely to remain a drag
Downstream capacity on track but ramp ups likely slower
Seven year high GRM of US$10.6/bbl was much better than expected

GOLDMAN SACHS ON RIL
@darshanetnow
Raise target to `1136 from `1091, Maintain Buy
Raise FY16 EPS forecast by 19%; FY18 by 4% on strong Q2
Beat driven by highest premium to Singapore Complex GRM in 6 years
GRMs were driven by increased gasoline yield, crude discount
Expect RIL to benefit from the refining upcycle starting 2016

UBS ON RIL
@darshanetnow
Maintain Buy, Target `1090
Superior downstream operations with good progress on 4G launch
Catalyst: Downstream capex-led growth and rapid 4G subscriber additions
Stock attractive on EV/EBITDA, P/BV valuations

MORGAN STANLEY ON LIC HOUSING
@darshanetnow
Downgrade to Equal Weight from Overweight, Target `490
Expect theincremental spread to moderateas bank baseratecuts accelerate
NIM expansion appears largely done; loan growth is moderating
Earnings should be good but weview valuation as full

MORGAN STANLEY ON RIL
@darshanetnow
Maintain Overweight, Target `1200
Telecom commercial operations are likely from April 2016
Downstream projects' impact should bereflected fully from Jan-17

KOTAK ON RIL
@darshanetnow
Maintain Add, Target `1080
Raise EPS estimates by 3-8%
Strong refining, steady petchem and dismal E&P performance
Better performance versus muted expectations in telecom will be crucial driver