JPMorgan's cues on RIL, Glenmark; BoAML on PFC, Cummins Ind

JPMorgan is overweight on Reliance with a target of Rs 1200. Shale gas, petchem and India-centric service sector investments provide growth visibility and value options. They feel regulatory concerns are overdone.
 
JPMorgan is overweight on Glenmark as well with a target of Rs 400. The company's core business is benefiting from rising healthcare spends in emerging markets and cost reduction measures in developed markets, driving adoption of generics as innovator drugs go off-patent.

Bank of America Merrill Lynch recommends buying PFC with a target of Rs 260. They have also revised earnings estimates, post the FPO. PFC is trading at a 15-25% discount to its peers despite better risk-profile and the brokerage believes asset quality issues are overdone.

Bank of America Merrill Lynch also recommends buying Cummins India. They are confident of a 20% EPS growth in FY12 and FY13. Key growth drivers will be expansion of product range and savings from the new factory.

Enam maintains a buy on Pantaloon Retail with a target of Rs 377. In spite of the near-term fundamental headwinds and downgrade in earnings, Enam believes the potential opening up of multi-brand retailing will continue to drive valuations.

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