CLSA has upgraded Max Financial Services to buy from outperform, with increased target price at Rs 680 from Rs 400 as it sees a 19 percent CAGR in new premiums over FY16-19.
The brokerage house says demonetisation benefits aided 25 percent YoY rise in premiums. Slip in January premiums should also stabilise, it feels.
According to the research firm, HDFC Life merger could get consummated in FY18 and potential merger of Axis Bank with Kotak Mahindra Bank can impact company's franchise.
Morgan Stanley has maintained equal-weight rating on Dr Reddy's Laboratories, with a target price at Rs 2,909.
The brokerage house says the company is losing market share in one of its key products, Zentane in US. Zentane's volume market share fell to 7.5 percent from the peak of 28-29 percent.
Drop in volume market share implies loss of USD 30-35 million in annualised sales, it feels.
According to Morgan Stanley, company's FY18 EPS may be revised down from current high level of Rs 134.
Morgan Stanley sees limited impact on HPCL/BPCL if government transfers ownership to ONGC. ONGC's leverage could rise in the near-term and HPCL/BPCL could lower ONGC's leverage only by FY20-21, it feels.
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