Crompton Greaves Brokerage: Morgan Stanley Rating: UNDERWEIGHT Target: Rs 106 Rationale: While the key positive surprise was a robust 34% year on year growth in the T&D business, the disappointment continued to be weak margins. Consolidated margins at 6% were the lowest in the last 19 quarters.
ICICI Bank Brokerage: CLSA Rating: BUY Target: Rs 1020 Rationale: The key positive in earnings was the stable asset quality as gross NPLS declined and restructured loans were lower than estimates.
Coal India Brokerage: Macquarie Rating: OUTPERFOM Target: Rs 404 Rationale: While Coal India has rolled back its prices, the brokerage expects there will still be an increase of prices between 5% to 16% based on pessimistic and realistic GCV calculations. They believe there are upside risks if coal India takes further price hikes in March.
Titan Brokerage: CITI Rating: SELL Target: Rs 190 Rationale: It will need to deliver 72% year on year EPS growth in the fourth quarter to meet fy12 street estimates. While it remains a good long-term story, the risk reward balance at this juncture seems unfavorable.