Morgan Stanley on Reliance Industries
  • Maintained ‘Overweight’ with a price target of Rs1,241.
  • IMO regulation and ramp-up of petcoke gasifiers to add to higher margins.
  • Expect $3/bbl rise in GRMs due to the above levers.
  • Retail pump station expansion should also support growth.
  • Most of the telecom capex done; Company aims to achieve 99% coverage by end of 2018.
Morgan Stanley on Godrej Consumer
  • Maintained ‘Overweight’ with a price target of Rs1,350
  • Strong growth outlook for 2018-19.
  • Gradual improvement in demand currently underway in India
  • In Indonesia plan to seek growth by increasing distribution.
  • In Africa, Godrej expects to benefit from local manufacturing.
Citi on JSPL
  • Maintained ‘Buy’ with a price target of Rs401
  • Steel business is doing well in the current quarter
  • Angul plant ramping up fast; DRI plant to start in July 2018.
  • Coal supply situation has improved; Co. looking to sign short-term PPAs.
  • Valuation with improving cash flows and EBITDA appear quite attractive.
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