J. P. Morgan upgrades Persistent Sys to Overweight from Neutral; Target raised to Rs 4100. Persistent Sys is the only OW within ER&D coverage from JPM; Sees valuations at 26x 1-yr fwd P/E as an attractive entry point. @nimeshscnbc gets you more details on it #StandoutBrokerage | @jpmorgan upgrades Persistent Sys to Overweight from Neutral; […]

Goldman Sach on Godrej Consumer Product Ltd (GCPL) Buy, TP Rs 1100 2Q: India home care growth improves, Indonesia showing initial signs of recovery See as a strong turnaround candidate 1)improvement in India growth 2)gradual recovery in Indonesia 3)sustained double digit growth in Africa 4)overall margin expansion

CS on Interglobe Aviation Out-Perform, Target Price Rs 2350 Key upsides remain from 1) peaking of crude & currency risks 2) recovery in traffic in both domestic & Int. 3) +ve takeaway on consumer price sensitivity 4) Benefits of fleet change to NEOs, & XLR induction in 2024

CLSA on Bajaj Finance Sell, TP Rs 5600 AUM growth of 7% QoQ/31% YoY strong However, number of loans disbursed was up only 8% YoY If growth driven by higher ticket sizes, it would come off when inflation cools down If it is driven by mortgages, ROE should moderate

BoFA Sec on Bajaj Finance Buy, Target Price Rs 8345 Growth accelerating with AUM up 31% YoY Well-positioned for strong growth revival Encouraging progress on Omnipresence strategy

Morgan Stanley on Bajaj Finance OW, TP Rs 8500 Q2 update – back to 30% loan growth Customer franchise grew to 62.9mn– 4% QoQ, 19% YoY New loans were 6.8mn vs. 6.3mn in 2QF22 Significant ground was achieved in deposits, up 15% QoQ CRAR moderated to 25.1% vs 26.2%

CLSA on ZEE Ent Buy, Target Price Rs 316 CCI approves Zee-Sony merger Merger will be a stock rerating catalyst Post-merger, Sony will hold majority 51% & merged co, will have cash of $1.5bn Valuation compelling, currently trading at a 15x PE for FY24CL

Macquarie on Marico OutPerform, Target Price cut to Rs 580 While like sharp turnaround to +ve vol growth in Saffola vs double-digit decline for 1Q, margin weakness for 2Q was a _ve Cut FY23E/FY24E/FY25E EPS 3% Rising sales salience of foods/digital brands should lower future EPS volatility

MARICO UPDATE Q2FY23 Slightly muted – India posted low single-digit volume growth – Consolidated revenue in Q2 grew low single digits YoY – Gross margin to contract QoQ – EBITDA Margins to be same YoY due to higher A&P Spends – Net profit impacted by higher Tax Rate

Goldman Sach on Marico Buy, Target Price Rs 620 2QFY23 update: Strong volume recovery led by rebound in Saffola International business: Double-digit constant currency growth. Margin expansion lower than expected, short term pressure due to timing of price cuts