JPM on Bharti Airtel (Investor summit takeaways) OW, TP Rs 810 Reiterated that NSA 5G will be competitive 5G use cases will take time, but rollouts will match peers Price-repair unfinished & tariff hikes to drive 5G monetization 3-year capex largely unchanged

Jefferies on Hindalco Hold, TP Rs 380 Ball Corp., Novelis’ largest customer, has lowered its 5-yr vol CAGR outlook for North America from 4-6%+ to 2-4%, & for South America from 5-8%+ to 4-7% Slowing can demand & falling aluminum prices are hurting co’s outlook

UBS on RIL Buy, TP Rs 3150 Q2 FY23 EBITDA to increase 19% YoY despite O2C earnings concerns Consumer biz share jumps to 49% of segment EBITDA Weakening margins & export taxes to drag O2C earnings Fundamentals remain strong; New Energy opportunities not priced in

CLSA On Insurance Open Architecture Drags Could Ease, SBI Life Preferred Pick SBI & ICICI Bank Have Stuck To Selling Products Of Their Subs HDFC Life To Benefit From Increasing Wallet Share From HDFC Bank’s Insurance Sales Order Of Preference-SBI Life>HDFC Life>Max Fin>ICICI Pru

Jefferies On Steel Still Early To Turn Constructive Flat Steel Price Declined 19% From Jun-Qtr Avg See Further Downside Risk Demand Should Improve Seasonally But Global Macro Risks Remain Tata Steel – Hold, TP Rs 95 JSW Steel – U-P – TP Rs 385

ICICI Lombard gets upgraded by CLSA Upgrade to buy, TP Rs 1470 See multiple triggers that could reverse underperformance Healthy growth, high-teen ROE and high combined ratio marks phase 3 Market share loss has reversed expect 15% Cagr in premiums

GS on Paytm Buy, TP Rs 1100 (add to conviction list) Expect Paytm to deliver c.50% revenue growth for next few qtrs & continue its transition from an erstwhile payments-only biz to one with a strong financial services portfolio GS on Paytm Buy, TP Rs 1100(add to conviction list) Steadily raised est. by c.13% (FY24 […]

MS on M&M Fin OW, TP Rs 225 RBI directs to cease recoveries/repossessions via outsourcing until further order Impact on collections & hence asset quality will depend on: Share of outsourcing in collections Alternate arrangements co can make Length of time order remains in force

CLSA on ICICI Lombard Upgrade to buy, TP Rs 1470 See multiple triggers that could reverse underperformance Healthy growth, high-teen ROE & high combined ratio marks phase 3 Market share loss reversed; expect 15% Cagr in premiums in 23-25CL Val reasonable, at 30x

Nilesh Shah, MD & CEO, Envision Capital says IT will not see more than 10-15% correction from current levels – at those levels, the sector becomes very attractive. Midcaps will get higher valuations since they are the growth stocks and can grow at 15-20%. The Defence sector will be what IT was 20 years back […]