How to play Tata Motors, Essar Oil, Hindalco, Future Retail

Tata Motors
Brokerage: CITI
Rating: BUY
Target: Rs: 344
Rationale: The brokerage says while the domestic outlook remains challenging for the company, JLR remains on a solid wicket. From the company's perspective, there is no intent to raise equity funds for now and a JLR listing, if it happens would be more than 2 years away.

Hindalco
Brokerage: Bank Of America Merrill
Rating: UNDERPERFORM
Target: Rs 85
Rationale: The company’s global team has cut aluminium price estimate for FY14 and FY15 by 6.6 percent and 6.7 percent respectively. They have cut FY14-15 EPS estimates by 19 to 21 percent

Future Retail
Brokerage: JP Morgan
Rating: UNDERWEIGHT
Target: Rs 70
Rationale: The company posted losses for core retail operations on account of high interest and depreciation costs. Unless the company is able to de-leverage its balance sheet further, the brokerage believes losses may continue in the coming quarters.

Essar Oil
Brokerage: Macquarie
Rating: OUTPERFORM
Target:  Rs 96
Rationale: The company was unfairly penalised by markets on rupee depreciation and has now sharply risen 22 percent in the past 4 days. The brokerage reiterates Essar Oil as a top pure play in the Asian refining sector as the company's GRMs remain ahead of Singapore complex