* Raise target to `448 from `395, Maintain High conviction Buy
* Positive surprise in India and Africa along with share buyback
* Upgrade FY17 - 18 EBITDA by 2 - 3% and maintain best mobile play
* Upgrade consolidated revenue, Ebitda and profit forecasts by up to 3%
* Upgrade to factor in higher India voice traffic and margins; Africa improvements
CS on Bharti Airtel
* Maintain Underperform, Target `250
* Good margin improvement, but lacklustre growth
* Positive highlight of the quarter was clearly the margin performance
* Expect the promoter group to not participate in the buyback
UBS on Bharti Airtel
* Maintain Buy, target `480
* Revenue in line with estimates, EBITDA came ahead of estimates
* Strong momentum in African business & saw highest growth in last 6 quarters
* Strong volume trend in voice & data in Indian mobile business continued
* Likely to emerge as key beneficiary of potential data boom
CLSA on Yes Bank
* Raise target to `1100 from `910, Maintain Buy
* Asset-quality pressures were higher, but the stress loan ratio remains low
* Raise earnings forecasts by 5-6% to factor healthy growth and stable asset quality
* Scale-up of deposit franchise will aid growth in corporate loans
* Retail loans to drive the next leg while underwriting will be key
CS on Yes Bank
* Raise target to `904 from `811, Maintain Neutral
* Loan growth picked-up and non interest income growth remained robust
* Loan growth was driven by both corporate and consumer loans
* Capital consumption has been faster than expected on strong asset growth
* The imminent equity dilution may cap further near term re-rating
Kotak on Yes Bank
* Raise target to `970 from `850, Maintain Add
* Stable earnings performance helped by non-interest income
* Focus shifts from asset quality to growth and retail initiatives
CLSA on Biocon
* Maintain Sell, raise target to `440 from `400
* Biocon has seen a weak profit growth trend since 1QFY14
* Weak profit growth trend may last another year
* Trend will reverse only after biosimilars gain traction in EM
* Core business valuations look expensive; value-unlocking is beyond FY18
CLSA on JSW Energy
* Maintain Outperform, Target `81
* Slid performance of the core thermal business neutralised by hydro losses
* Crore biz grew owing to 25% volume growth and lower fuel costs
* Leverage peaked in 2Q and continued to decline in 4Q
* Maintain Outperform rating as the stock offers value at 8.1x FY17 EPS
CS on Exide
* Maintain Outperform, target `154
* Results better than estimates, EBITDA 4% ahead of estimates
* Operational beat led by higher top line growth
* Valuations are reasonable & at a ~35% discount to Amara Raja
Deutsche on Exide
* Raise target to `145 from `140, Maintain Hold
* Q4 results were in line with expectations with marginal revenue growth
* Revenue growth turned positive after a gap of three quarters
* Stabilization in automotive battery and cyclical uptick to aid revenues in FY17
UBS on Exide
* Maintain Buy, target `182
* Sales 4% ahead of expectations, results ahead of consensus
* Higher sales due to improved demand in automotive & industrial battery segments
* Expect positive momentum of inverter sales in Q4FY16 to continue in Q1FY17
* Buy rating driven by strong brand franchise & reasonable valuations
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