* Maintain overweight, target at `120
* Asset sales momentum continues with OEH (Belmond) selldown
* Estimate net debt reduction from `47B to `35B on pro forma basis
* Rundown of US investment portfolio is positive; Await clarity on Pierre, NY
* Expect Demand Supply to turn favorable in FY17
* If ARR hikes come up in 2H17, then there could be room for re-rating
Morgan Stanley on Indian Hotels
* Maintain overweight, target at `160
* Financial leverage reduction efforts well underway
* Cash flows from stake sales trump accounting losses
* Risk: Interest costs increment from move to IND-AS is higher than estimated
BofA ML on Hindalco
* Maintain buy, target at `148
* Novelis: Auto sheets to drive profits, canstock margin has bottomed out
* Stabilizing metal premiums, higher usage of scrap to drive Novelis margins
* Major capex is over for Indian and overseas business
* See FCF increasing in FY17E on back of stable metal prices
* Operational and financial turnaround of Novelis is significant positive trigger
BofA ML on Cements
* Strong June quarter and better monsoon to help sustain rally
* Believe cement stocks will continue to benefit from robust price rise
* Margin expansion from increased prices to boost June quarter
* June monthly demand slightly better, but muted quarter seen
* Energy cost impact to be restrained by cheaper inventory
* Maintain Buy on Shree Cement, target at `15520
* Maintain Buy on Ultratech, target at `3750
* Maintain Buy on Grasim, target at `4975
* Maintain Underperform on Ambuja, target at `185
* Maintain Underperform on ACC, target at `1274
UBS on Lupin
* Maintain buy, target at `2510
* Performance of US business to improve on new launches
* Expect strong returns from ongoing investments
* In-licensing deals to drive the Indian business
* Remains one of top India pharma picks
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