By earn 
Fund Houses Recommendations*
Macquarie on *JSW Steel:* Upgrade to Outperform on Company, raise target price at Rs 1077/Sh from Rs 884/Sh (Positive)
Macquarie on *Hindalco:* Maintain Outperform on Company, raise target price at Rs 760/Sh from Rs 597/Sh (Positive)
Macquarie on *Coal India:* Maintain Outperform on Company, raise target price at Rs 541/Sh from Rs 465/Sh (Positive)
Macquarie on *JSPL:* Maintain Outperform on Company, raise target price at Rs 1170/Sh from Rs 1070/Sh (Positive)
Macquarie on *Tata Steel:* Maintain Outperform on Company, raise target price at Rs 171/Sh from Rs 162/Sh (Positive)
BofA on *Reliance Ind:* Maintain Buy on Company, target price at Rs 3430/Sh (Positive)
BofA on *Bharti Airtel:* Maintain Buy on Company, target price at Rs 1700/Sh (Positive)
Investec on *Mankind:* Maintain Buy on Company, target price at Rs 3300/Sh (Positive)
Citi on *Vodafone Idea:* Maintain Buy on Company, target price at Rs 17.0/Sh (Positive)
Nomura on *Vodafone Idea:* Upgrade to Buy on Company, target price at Rs 15.0/Sh (Positive)
InCred on *IIFL Finance:* RBI has lifted the embargo on IIFL Finance for gold lending (Positive)
UBS on *Vodafone Idea:* Company’s fair value per share can range between Rs12 (no relief on AGR) to Rs24 (full relief / waiver of AGR) (Neutral)
Nuvama on *Vodafone Idea:* Maintain Hold on Company, target price at Rs 11.5/Sh (Neutral)
MS on *Tata Steel:* Maintain Underweight on Company, target price at Rs 135/Sh (Neutral)
MS on *JSPL:* Maintain Equal weight on Company, raise target price at Rs 970/Sh (Neutral)
MS on *JSW Steel:* Maintain Equal weight on Company, raise target price at Rs 895/Sh (Neutral)
BofA on *Indus Tower:* Maintain Buy on Company, cut target price at Rs 450/Sh (Neutral)
GS on *Indus Tower:* Maintain Sell on Company, target price at Rs 350/Sh (Neutral)
BofA on *Zydus Life:* Maintain Neutral on Company, cut target price at Rs 1145/Sh (Neutral)
BofA on *Lupin:* Maintain Neutral on Company, cut target price at Rs 1560/Sh (Neutral)
CLSA on *Telecom Sector:* For Voda Idea, factor AGR risk at ₹7/sh (40% of stock fair value) & retain underperform. AGR risk is lower for Bharti Airtel, at ₹62/sh (3% of fair value) & retain outperform (Neutral)
MS on *Telecom Sector:* Lack of potential AGR relief is negative. Think *Bharti Airtel* Is In A Sweet Spot (Neutral)
MS on *SAIL:* Maintain Underweight on Company, cut target price at Rs 105/Sh (Negative)
GS on *Vodafone Idea:* Maintain Sell on Company, target price at Rs 2.5/Sh (Negative)
Investec on *Indigo:* Downgrade to Sell on Company, target price at Rs 4050/Sh (Negative)
