* Maintain outperform, raise target to `3900 from `3750
* FY16 return ratios touched decade low due to continuing weak margins
* OpCF growth of 6% was just about in-line with earnings growth
* Mgmt hopeful of improvement in industry fundamentals in FY17
* Key positives will be improvement in demand and limited capacity adds
* Forecasts don't reflect JPA acquisition which could be EPS dilutive by ~20%
* Believe return ratios of organic business will improve now
Deutsche on Bajaj Finserv
* Maintain buy, raise target to `2445 from `2215
* Co could buy 26% stake held by Allianz in two insurance JVs
* Believe that any clarity on Allianz's stake in ins biz could address investor concerns
* Investor concerns on uncertainty around co's economic interest in ins biz
* Allianz call option to raise stake expiring by end July 2016
* Co economic interest to increase, need clarity on funding of potential deal
* If BJFIN were to buy 26% stake held by Allianz then co would need to pay ~`8000 cr
Credit Suisse on Dr. Reddy
* Maintain neutral, target at `3070
* New formulation plants in Srikakulam, Vizag are operating at low utilisation
* Given low utilisation, incremental capex should be low
* Near-term capex should stay high at ~$200mn due to setting up new capacity
* In India, co expects 4-6% hit to revenue from NLEM pricing + FDC ban
* Lower returns driven by higher R&D and lower asset turns
BofA ML on Vakrangee (non - covered)
* Amazon integration going well; see full rollout by Mar '17
* Vakrangee building up a strong network in rural areas
* Co doesn't see increase in internet penetration leading to disintermediation
* Operating at 20-25 Amazon orders per day per outlet, more for mature outlets
* The targeted 75k stores by 2020 looks aggressive
JP Morgan on Zee Entertainment
* Maintain neutral, target at `445
* Growth dynamics remain robust on both advertising, subscription front
* Believe mid teens subscription growth likely in FY17
* Cost rigor will support margins despite new investments, higher sports losses
* Profitable growth in movie production business is encouraging
* Though growth outlook is healthy, valuations at 33x/28x FY17/18E P/E cap upside
Nomura on Dabur
* Downgarde to Neutral from buy, raise target to `325 from `306
* Downgrade on demanding valuations; all positives seem to be priced into stock
* Continue to believe in long term story; Foods biz recovery in place
* Co is a key play on rural consumption and naturals theme
* Stock trading at 37.6x FY17F and 32.6x FY18F EPS, above LT average
* Advise investors to switch to Emami, HUL
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