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Houseviews: Get brokerage advice on 4 stocks here!

CLSA has an underperform rating on Bharti Airtel with a target of Rs 355. A mere 1% sequential growth in India-mobile traffic and a 150 bps drop in EBITDA margin coupled with a jump in depreciation and taxation led to profits being 30% below estimates.

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ALSO READ See what other Experts & Brokerages are saying about Bharti Airtel See messages about Bharti Airtel Bharti Airtel BSE | NSE 30/05/12 Are Mutual Funds betting on Bharti Airtel? Other Stocks in this news Oil and Natural Gas Corporation | Tech Mahindra | Orchid Chemicals and Pharmaceuticals |

CLSA has an underperform rating on Bharti Airtel with a target of Rs 355. A mere 1% sequential growth in India-mobile traffic and a 150 bps drop in EBITDA margin coupled with a jump in depreciation and taxation led to profits being 30% below estimates. Upcoming spectrum payments will hit Bharti's deleveraging efforts.

JPMorgan maintains overweight on ONGC with a target of Rs 335. Retrospective royalty recovery from cairn helped offset a sharply higher subsidy payout in the third quarter. While the increase in subsidy share for the upstream is sentiment-negative, ONGC remains comparatively resilient to adverse policy.

Nomura maintains its reduce stance on Tech Mahindra with a target of Rs 580. The stock has run up by 8% over the last month, outperforming the CNX IT index by 6%. Nomura expects significant downside to the stock at current levels.

Macquarie has downgraded Orchid Chemicals to a neutral from outperform and cut its target to Rs 170 from Rs 260. Orchid has revised down its FY12 sales guidance by 11% and profit by over 7%. While the valuation is attractive, the stock is likely to come under pressure in the near-term given the earnings miss.

Also read: It is time to get a little defensive, say experts