Buy

Zee is one of the largest & growing media business in India. Also, well positioned to capture higher market share, subscription & ad revenue given its versatility, DTH penetration and digitization.

Larsen & Toubro?s (L&T) is best play towards infrastructure play. A very capable company with diversified businesses is improving its margin and efficiency. Recommended for long-term investment.

Tata Motors is market leader in domestic CV business. Improvements are visible on both operational and financial level. JLR is also contributing healthily. Recommended for long-term investors.

Infosys is known for its pedigree in terms of growth, corporate governance, innovation and leadership. Infosys is one of the best stock in the IT space and should be part of long term investors.

(1) Halol remediation completed and awaiting re-inspection from the US FDA; (2) SUNP plans to re-certify ex-Ranbaxy plant in FY17E (we believe it would be Mohali); (3) Expects higher tax rate for FY17E (earlier guided 14-15%); (4) RBXY-SUNP synergy (US$300mn by FY18E) is on track; (5) R&D; spend (to be ~9% of sales and capex similar to FY16; (6) New Pricing Policy impact to be ~Rs1.5bn in FY17E; and (7) SUNP...

NCC Q1FY17 operational performance was in-line with our expectations. Revenue increased 11% YoY to Rs 18.9bn, led by pick up in execution. EBITDA increased moderately by 5% YoY to Rs 1.65bn as the margin declined 50 bps YoY to 8.7%. Other income declined sharply by 45% YoY (in-line with estimate) due to decline in other income from monetized subsidiaries. Interest cost declined 26% YoY on account of repayment of expensive debt. Thus, adjusted PAT increased 27% YoY to Rs 523 mn. For FY16, Revenue is flattish YoY to Rs 83.2 bn while EBITDA/PAT increased 14% YoY/117% YoY (led by 103 bps increase in OPM and 11% YoY decline in interest cost).

JK Lakshmi Cement's Q1FY17 numbers were above our expectations. Revenues in Q1FY17 increased 31.6% YoY to | 777.2 crore (above I-direct estimate of | 683.8 crore) led by 27.7% YoY increase in volumes (due to a pick-up in demand and 100% capacity utilisation of new Durg capacity). Further, realisation in the quarter...

ICICI Securities Ltd | Retail Equity Research Revenues grew 17.9% YoY to | 1943.1 crore (I-direct estimate: | 2021.9 crore) mainly due to 24.4% YoY growth in the US to | 698.2 crore (I-direct estimate: | 698.8 crore). India business grew 10.4% YoY to | 513.8 crore (I-direct estimate: | 520.2 crore) EBITDA margins declined 230 bps YoY to 19.5% (I-direct estimate: 21.1%) due to lower gross margins, higher employee cost. EBITDA rose mere 5.5% YoY to | 379.1 crore (I-direct estimate: | 427.0 crore)...

ICICI Securities Ltd | Retail Equity Research NCC's topline grew 10.4% YoY to | 1901.1 crore mainly on account of better execution. It was in line with our estimate of | 1898.9 crore...