Wockhardt Macquarie downgrades it to neutral from outperform with target price cut to Rs 1015 from Rs 1350 per share. It expects stock to trade at discount to fair value of Rs 1320 per share in medium-term as potential risk to near-term earnings exists. Bharat Forge CLSA cuts FY17/18 EPS by 4 percent/8 percent as stock
is still expensive. It has a sell rating on the stock with target of Rs 655 per share. Export outlook remains weak; domestic commercial vehicle demand also moderating. Hindalco Deutsche Bank raises FY17/FY18 forecast by 2 percent/7 percent. It raises target price by 14 percent to Rs 156 per share, reiterating buy call. Novelis reports strong Q1 earnings. Credit Suisse maintains outperform with target increased to Rs 173 from Rs 163 per share Amara Raja Kotak maintains sell on expensive valuations with target at Rs 800 per share as valuations expensive at 23.4x FY18 earnings per share. Big negative surprise in Q1 was decline in gross margin. Union Bank CLSA raises earnings and target price to Rs 115 from Rs 100 per share on capital infusion as slippages are still high. It maintains sell call on weak loan growth and NIM drag topline. Morgan Stanley stays underweight on the stock as q1 showed weak asset quality trends and high bad loan formation. Bharat Electronics Bank of America Merrill Lynch rates it underperform as Q1 profit disappoints on weak execution. It expects company to win USD 4.2 billion projects in FY18.
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