| Daily Alerts |
| Results |
| Bharti Airtel: Impressive in-market execution continues; we remain positive |
| | Key changes to our earnings model | | | Reiterate BUY; Jio impact fully priced in numbers-wise; sentiment direction is anybody's guess | |
| Punjab National Bank: High slippages offset high recoveries |
| | Earnings move to positive territory in a challenging period | | | Gross NPLs broadly unchanged despite recoveries and upgrades in 1Q matching FY2016 figures | | | Maintain REDUCE as valuations factor in very strong recovery in underlying NPLs | |
| PI Industries: Strong start |
| | FY2017 starts on a strong note; sharp uptick in CSM revenues and overall margins | | | Growth outlook for domestic and CSM businesses remains strong | | | Increase EPS estimates by ~7%; maintain ADD with TP of Rs840 (Rs750 earlier) | |
| DishTV: Struggle and hope |
| | 1QFY17: Familiar outcome - On-track sub adds; ARPU disappointment and accounting change | | | ARPU struggle: Dish needs to balance portfolio mix better | | | Reasonable valuations given steady 14% EBITDA CAGR and optionality; BUY | |
| IDFC: Moderate performance |
| | Key highlights of non-banking subsidiaries | | | Retain BUY with TP of Rs65 | |
| Results, Change in Reco |
| Dabur India: Downgrade to REDUCE; stock price fully factors in expected growth revival |
| | 1QFY17 earnings print disappointing on most fronts | | | Cut FY2017-19E EPS forecasts by 5.2-5.4%; downgrade to REDUCE (from ADD) | |
| Economy |
| Economy: GST: Godot is on his way |
| | GST: a step closer to reality | | | Rajya Sabha: some glimmer of hope | | | Positive economic impact only in the medium to long term; near term uncertain | | | Sector impact: positive for automobiles, consumers, and media and entertainment | |
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