* Core GRM weak and diesel market share loss higher than OMC average
* Estimate $1/bbl change in GRMs will impact IOC's consolidated profits by 19%
* Expect loss of market share as catalyst to keep a check on marketing margins
* Maintains Reduce, target of ₹500
* Q1FY17 above est due to inventory gains; see sharp potential downside on GRMs
* Singapore GRMs trending downwards; expect Aug 2016 to be even weaker
CLSA ON DR LAL PATH LABS
* Believe co is well placed to capitalise on shift away from standalone labs
* Co believes similar approach will help penetrate East India market
* Estimate 25% earnings CAGR over FY16-19 led by volume growth
* Hub & spoke model approach led by strong franchise network key to biz
* Maintains buy, target of ₹1,140
* Well positioned to capture shift towards organised sector
JPM ON APOLLO TYRES
* Any easing of rubber prices will be supportive of margins
* Co expects uptick in vol through foray into 2W, capacity expansion for CVs
* Firming up of rubber prices was key overhang on stock
* Maintains Overweight, target of ₹195
* Rubber is key raw material and accounts for ~30% of revenues
JPM ON BHEL
* 22% of India's coal-based capacity is 25-yr old; see big R&M opportunity
* Co's India market share in power segment has held up well
* Diversification beyond power has proved slow
* Doubtful debtors increased and customer advances fell in FY16
* Maintains Underweight, cuts target to ₹120 from ₹125
MS ON BIOCON
* Co executing well on biosimilar pipeline in terms of US/EU filings
* In F17, Co has filed two out of four products in EU
* Maintains Overweight, raises target to ₹1,156 from ₹889
* Raises FY17 & FY18 EPS est by 9% & 18% in view of momentum in base biz
* See good momentum in base biz; improving visibility for gCopaxone 20/40mg
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