• 
	Pantaloon Retail

	Brokerage: Morgan Stanley

	Rating: OVERWEIGHT

	Target: Rs 212

	Rationale: The FII holding limit for the stock is currently capped at 24%. An increase, post the move to allow 51% fdi in multi brand retail, would likely drive significant re-rating for the stock.

    Pantaloon Retail Brokerage: Morgan Stanley Rating: OVERWEIGHT Target: Rs 212 Rationale: The FII holding limit for the stock is currently capped at 24%. An increase, post the move to allow 51% fdi in multi brand retail, would likely drive significant re-rating for the stock.

  • 
	GAIL

	Brokerage: Bank of America Merrill Lynch

	Rating: UNDERPERFORM

	Target: Rs 360

	Rationale: Among the three upstream players, who bear subsidy, GAIL will gain the most from subsidized lpg volumes being capped. According to government estimates capping cylinders will cut LPG subsidy by one-third.

    GAIL Brokerage: Bank of America Merrill Lynch Rating: UNDERPERFORM Target: Rs 360 Rationale: Among the three upstream players, who bear subsidy, GAIL will gain the most from subsidized lpg volumes being capped. According to government estimates capping cylinders will cut LPG subsidy by one-third.

  • 
	Infosys

	Brokerage: Credit Suisse

	Rating: NEUTRAL

	Target: Rs 2500

	Rationale: The management has indicated there are unlikely to be any negative surprises seen in the previous two quarters which saw unanticipated drops in volume and pricing. Margins are likely to be stable and absence of revenue write back in the previous quarter will help.

    Infosys Brokerage: Credit Suisse Rating: NEUTRAL Target: Rs 2500 Rationale: The management has indicated there are unlikely to be any negative surprises seen in the previous two quarters which saw unanticipated drops in volume and pricing. Margins are likely to be stable and absence of revenue write back in the previous quarter will help.

  • 
	Jet Airways

	Brokerage: Bank of America Merrill Lynch

	Rating: BUY

	Target: Rs 480

	Rationale: FDI in aviation is a sentiment booster for the whole sector, but in the near-term it doesn't change the operating environment or the financial stress of the industry.

    Jet Airways Brokerage: Bank of America Merrill Lynch Rating: BUY Target: Rs 480 Rationale: FDI in aviation is a sentiment booster for the whole sector, but in the near-term it doesn't change the operating environment or the financial stress of the industry.

  • 
	Pantaloon Retail

	Brokerage: Morgan Stanley

	Rating: OVERWEIGHT

	Target: Rs 212

	Rationale: The FII holding limit for the stock is currently capped at 24%. An increase, post the move to allow 51% fdi in multi brand retail, would likely drive significant re-rating for the stock.
  • 
	GAIL

	Brokerage: Bank of America Merrill Lynch

	Rating: UNDERPERFORM

	Target: Rs 360

	Rationale: Among the three upstream players, who bear subsidy, GAIL will gain the most from subsidized lpg volumes being capped. According to government estimates capping cylinders will cut LPG subsidy by one-third.
  • 
	Infosys

	Brokerage: Credit Suisse

	Rating: NEUTRAL

	Target: Rs 2500

	Rationale: The management has indicated there are unlikely to be any negative surprises seen in the previous two quarters which saw unanticipated drops in volume and pricing. Margins are likely to be stable and absence of revenue write back in the previous quarter will help.
  • 
	Jet Airways

	Brokerage: Bank of America Merrill Lynch

	Rating: BUY

	Target: Rs 480

	Rationale: FDI in aviation is a sentiment booster for the whole sector, but in the near-term it doesn't change the operating environment or the financial stress of the industry.
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