Q1 result driven by robust volume growth
Fuel oil ban in NCR to revive PNG growth
Margins to improve on price hike taken in May

CLSA on Indraprastha Gas
Maintain Buy;
Miss on margins offset by much stronger volume growth
Strong growth across segments; Industrial/commercial segment surprises
Margins to improve further after recent out-of-turn hike in end-May’18

Kotak on Aurobindo Pharma
Maintain Neutral with TP of Rs 640
Strong on revenues; One-off provisions impact profitability
Strong pipeline for FY19 positions Aurobindo for growth
Believe Aurobindo is well positioned to gain volumes in the US

CLSA on Aurobindo Pharma
Maintain Underperform; Raise TP to Rs 640 from Rs 630
Q1FY19 net profit missed estimate due to weak margins
Margins impacted by provisioning for product recalls and higher input costs
US still has high base challenge

Deutsche Bank on Aditya Birla Capital
Maintain Buy; Cut TP to Rs 190 from Rs 195
Growth mixed even as margins improve
Life Insurance continues to see strong improvement
NBFC, AMC growth slows but margins rally
One of the strong plays on India's financialization and formalization themes

CLSA on Dr Lal PathLabs
Maintain Buy with TP of Rs 1,320
In-line sales; 50 bps beat on EBITDA margin
Third-consecutive quarter of 25%+ volume growth
Competitive intensity remains stable
Volumes likely to continue moving from unorganised to organized

Kotak on Dr Lal Pathlabs
Maintain Reduce; Raise TP to Rs 900 from Rs 865
Strong start to the year
Increased focus on wellness and bundled packages encouraging
Believe structural trends remain favorable
Rich valuations adequately price in growth narrative

CLSA on IPCA
Maintain Sell; Raise TP to Rs 600 from Rs 560
Strong revenue, but weak margins in 1QFY19
FY19 sales and margin guidance believe is achievable
Delay in resolution of US sites not factored in current valuations

Kotak on Union Bank
Maintain Add; Cut TP to Rs 120 from Rs 130
Drop in credit cost and improvement in NIM drive earnings
Lot more positive commentary; Likely to reflect in next few quarters
Earnings growth trends are likely to be volatile in the medium term

Macquarie on NCC
Maintain Buy with TP of Rs 177
Handsome beat all round
Current order book gives strong revenue visibility
Await revenue and margin guidance details