ONGC Brokerage: Goldman Sachs Rating: Rs 350 Target: Buy Rationale: While profits were below estimates on account of lower sales and realisations, the share price is already factoring in an unlikely worst case scenario of 45% upstream share in fy13. Even if the worst case is realized, ONGC's implied value of 308 would still be higher than the current share price.
Cummins Brokerage: Deutsche bank Rating: Rs 555 Target: Buy Rationale: Revenues were largely in line with expectations and were well explained by the slowdown in the domestic industrial and infrastructure segment sales and concerns on exports.
Ashok Leyland Brokerage: Nomura Rating: Rs 26 Target: Neutral Rationale: Profits were 70% above consensus estimates, with the key surprise being the improvement in margins. However, the key will be management commentary on volume estimates. The earlier guidance of 7% growth is unlikely to be held after the high volume decline in the past 3 months.
Ranbaxy Brokerage: UBS Rating: Rs 280 Target: Sell Rationale: The brokerage remains cautious given the weak core earnings and lackluster growth across most geographies. Timelines and costs related to resolution of consent decree remain uncertain and will continue to weigh on profitability over the medium-term.