CLSA on Maruti
* Downgrades to Outperform from Buy, target cut to ₹4,150 from ₹4,220
* Weaker PV demand outlook for FY17 but expect co to gain share
* Softer margin outlook due to Yen & steel but full pass-through unlikely
* Like co on a 2-3 year view but see modest upside in next 12 months
* Believe the 19% YTD drop in stock has priced in most of the negatives
* Despite stock price drop see modest returns as valuations are not cheap
Credit Suisse on Pharma
* Glenmark's Goa, Sun's Ohm and Auro Unit 4 due for inspection in 6 months
* Believe FDA related issues should reduce in the next round of inspections
* Plants will upgrade their systems and practices and start on a clean slate
* Outstanding 483s at Cipla, Lupin, Strides & Aurobindo not yet received EIR
Deutsche on Ashok Leyland
* Indian Truck Volume Growth Continues To Stay Ahead Of Forecasts
* Still In The Initial Stage Of The Truck Up-Cycle
* Long-term Analysis Indicates That Current Cycle Could Sustain For 2-3Yrs
* New Truck Ind Volume Growth Forecasts Are 30%/13%/5% For FY17/18/19e
* Increase EPS Forecast For Ashok Leyland By 9-11%.
* Raise Target Price For Stock By 28% To Rs 125/Sh
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