timates despite strong volume performance
Bajaj paying the price for market-share gains
Co. willing to use pricing as a lever to gain market-share
Expect margin pressures due to competitive intensity and elevated commodity prices

Macquarie on Wipro
Maintain Neutral with TP of Rs 300
Q1 missed estimates at margin level; Revenues at higher end range
Struggle in verticals extended from healthcare to manufacturing; BFSI remains strong
Expect Wipro to post weakest growth amongst large cap Indian IT names in FY19
Wipro is cheap; Triggers for re-rating remain amiss

Nomura on Wipro
Maintain Neutral with TP of Rs 260
Q1: Margins and guidance miss expectations
Guidance for Q2 suggests flattish growth at midpoint of the range
Except for BFSI, none of the other segments provide comfort
Expect stock to react negative on results

Credit Suisse on Havells
Maintain Outperform; Raise TP to Rs 725 from Rs 670
Very strong Q1 on the back of good revenue growth and margin expansion
Main positive was the strong pick-up in switchgears
Lloyd growth positive, especially weak air conditioner season

JPMorgan on L&T Finance Holding
Maintain Neutral with TP of Rs 170
Q1FY19 net profit sharply ahead expectations
Rural and housing continue to report strong growth & ROEs
Believe with transition to INDAS, infrastructure book drag is now behind

CLSA on Kansai Nerolac
Maintain Buy with TP of Rs 550
Q1 EBITDA slightly ahead of estimates; Revenue growth momentum continued
Expect higher input prices to keep margins under pressure
Company continues to negotiate product price hikes in auto and industrial segments

Nomura on Justdial
Maintain Buy with TP of Rs 730
Q1 revenues and margins came in ahead
Momentum in paid listings alongside improving realisations is positive
Traffic trends continue to be positive despite lower Ad spend in last 2 quarters
Expect a positive reaction in the stock